According to real estate agent Savills, an increase in demand for high-priced country houses in Ireland is largely driven by overseas buyers. The property market saw considerable activity in 2023, following a flourishing year in 2022. With property deals amounting to €190.6 million, the trade for country homes – those located outside main cities and the M50 corridor and valued more than €1 million – was slightly less than but generally consistent with the previous year.
Savills Ireland’s country agency leader, James Butler revealed that the majority of purchasers at this market level pay in cash, many of whom reside overseas. Some are Irish nationals planning to return home after a period of work abroad, while others are foreigners seeking to establish a permanent home in Ireland.
Kildare saw the most deals in this market segment with 27 transactions, followed by Cork with 24, particularly in and around Kinsale, a consistent preference for buyers, according to Mr Butler. County Meath was third with 19 sales, trailed by Wicklow with three.
One significant deal in 2023 was the €4.5m purchase of Sprayfield House in Sandycove near Kinsale in July by James Berwind, a US billionaire.
At least half of the dealings involved individuals residing overseas. Mr. Butler noted that a central shift in recent years is the rise in the number of transactions due to an increase in active buyers for prime country property.
Driven by the country’s economic performance, more and more people are expected to move back to Ireland. Furthermore, as flexible working arrangements become commonplace, individuals in higher positions opt for homes farther from their offices for the opportunity to work from home.