In the previous year, there was a noticeable increase in residency applications from Chinese tycoons in Ireland, following the immediate closure of the Irish government’s “golden visa” programme. The sheer volume of applications, many of which are still under review, corresponds with a heightened allure for residences in South Dublin among affluent Chinese households, especially in locations near reputable tuition-based schools.
There has been an increase in Chinese intermediaries conducting viewings of moderately to highly priced homes in South Dublin for their affluent Chinese clientele. In some cases, these representatives live-stream the viewing back to their clients in China. One man, who had witnessed several viewings in South Dublin since the start of the year, reported Chinese representatives would often film the property while giving a commentary in Chinese. He voiced his frustration at the situation, as he believes this inflates property values.
South Dublin estate agents have acknowledged this trend. They however underline that it isn’t just Chinese buyers who are showing keen interest in premium homes in popular suburbs of South Dublin. Guangqian Yu, proprietor of Vanke Ireland agency, which guides Chinese clients on Irish property acquisition, claimed houses in the price range of €600,000-€800,000 are especially appealing to Chinese families planning to relocate to Ireland.
The majority of Yu’s clients are successful beneficiaries of the golden visa scheme, mandating a net worth of €2 million and a substantial investment in Ireland. Yu recommended to his clients to consider investments in rental properties in south Dublin city in addition to a primary residence in the suburban south. Various Dublin properties listed on Vanke’s Facebook page command a minimum asking price of €1 million.
Dublin-based solicitor, Ben O’Rafferty, caters to wealthy Chinese clients striving for residency permits in Ireland. His clientele originates mostly from the defunct golden visa programme and the ‘stamp four’ visa scheme. The latter opens doors for non-EU persons who can demonstrate they won’t be a financial drain on the nation. According to O’Rafferty, these clients prioritise education, particularly keen on enrolling their kids in Irish schools.
O’Rafferty identified two significant triggers for their relocation. Firstly, China’s economic state and, notably, the strict protocols employed by Beijing in dealing with the Covid pandemic. He stated that the handling of the pandemic in China instilled fear in citizens, creating a long-lasting impact.
Official statistics from the Justice Department reveal there were 1,954 golden visa applications in 2023, despite it being discontinued on February 14 that year. The previous year saw 1,316 applications, with nearly all – barring 41 – from China. Approximately 2,700 applications are still stuck in the pipeline, awaiting processing.
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