Expert opinions about investment in property
Dublin real estate investments
There are many reasons to invest in properties located in Dublin. The country’s economy is growing rapidly, there are beautiful sceneries just outside the capital, polite people, wonderful culture – and you’re close to the sea! Dublin offers the best shopping, theatre, and live music in the region. It’s easily and nicely connected via public transport, making weekend getaways easy. Often, you’ll enjoy great food, great golf and world-class education. Actually, Brits are entitled to the same public healthcare as Irish citizens and there is no need to show that you have enough money not to be a burden on the Government. Plus there is no language barrier – well, at least for the first few pints of Guinness!
What happened to the Real Estate Market in Dublin?
Dublin’s living costs remain 1.20 percent lower than London, making Dublin the world’s 41st most expensive city. A family of four living in Dublin will budget about €2,970 (£2,619) per month before they rent. A single person living in the town will have to set aside €825 (£727) before rent for living costs.
There is currently a housing crisis in Dublin due to the lack of demand, which is driving up property prices. Ireland real estate market will need to build 50,000 homes per annum to satisfy the current housing demand (read more here). Having said that, property prices have not yet hit the same rates as they were pre-crash – Dublin prices currently sit at 87 percent of what they were in 2013. Data have been revealed by the Irish Central Statistics Office ( CSO) showing that Ireland’s rate of property price inflation now stands at 13 percent per year, and that prices have risen 70 percent nationally since the low point post-crisis.
It is fairly good news for those who want to buy – rates are ramping up, but they remain below the UK property average, so if you know where to look, there are some serious bargains to be found!
If you’re planning to rent initially while you’re checking out the area you’re most fond of, make sure you’re setting aside €1,465 (£1,300) a month on a central one-bed property and €1,600 (£1,410) a month on a two-bed apartment. Outside the city centre, it’s possible that a single bed would set you back €1,187 (£1,054). A three-bedroom central property would cost €2,600 (£2,310), and €1,952 (£1,733) outside the city centre. Rents in Dublin are now 23 percent higher than at their height in 2008.
If you want to buy a two-bed for less than €350,000 (£308,650), you’re unlikely to find anything. Though prices have not yet reached pre-crash peaks, they are expected to do so within one year. On a three-bedroom, semi-detached house in Dublin, you’re looking at a price tag of around €254,000 (£223,990) which is more than twice the national average.
Is it possible for foreigners to buy property for investment in Dublin?
There are no limits on foreigners buying real estate in Ireland, and it is a favorable investment climate for foreign businesses.
If you have found an suitable house, make an bid and engage a solicitor’s services. The bid is not legally binding on you buying. If your offer has been accepted, you may arrange for an early detection survey of potential problems, if you so wish. The Deed of Conveyance must then be written by your attorney, acting as the document that transfers the property into your hands. This will be sent in for approval to the seller’s solicitor.
The vendor’s solicitor then drafts a house sale contract. You are in a position to sign contracts once your solicitor has reviewed this contract and is satisfied with it and the title of the property.
You hand over a 10 percent non-refundable deposit at this point. Estate agents engage in the transaction until a seller signs a contract with the purchaser selected. Property conveyance typically takes 6 to 8 weeks.
Stamp duty will be charged now, and the property sale is then reported at the Land Registry Office or the Registry of Deeds. This can take up to another six months, depending on the title to the property.
What are the best places to purchase land in Dublin?
Thanks to its recent revival as a trendy suburban alternative to the city center, this suburb of Dublin was recently voted one of the best places to stay in Ireland. Rathmines has its own High Street lined with great vintage shops and a wealth of trendy restaurants and bars, making it a popular choice for singles and young professionals. Smithfield, Phibsborough, Drumcondra, Stoneybatter, Sundrum, Rathgar and Ringsend are other trendy neighborhoods.
Ranelagh is an upmarket suburb, full of quiet residential areas and beautiful parks. It’s a popular spot with executive families, just a short 10-minute bus ride from downtown to enjoy a nice place to find a bite to eat.
This seaside village has a lively nightlife that can challenge Dublin’s. It’s great for those who prefer a house to an apartment and want to spend their holidays (or new life) dining in excellent restaurants serving the catch of the day. The town is just 20 minutes from Dublin’s city centre. If you are in the market for a charming seaside town, Dun Laoghaire is another option.
You can find Portobello just a short walk from Dublin city centre. A cosmopolitan neighborhood with plenty of excellent options for dining and drinking, making it an excellent spot for a clever buy-to-let. The location of the neighborhood makes it ideal for those who choose to walk or bike to work if you’re trying to minimize your commute.
Ballsbridge is a great option for those who want large gardens, privacy and enough parking without having to be a million miles away from town. If you have come to work and are getting a subsidy for rent, this is an excellent choice to suggest. Another strong choice of similar ilk is Donnybrook.
Property registration fees
The solicitor will determine to your property the nature of its title. The expenses incurred depend on whether the title is kept in the Land Register or the Registry of Deeds. The Land Registry provides the compulsory registration system for titles. The register is definitive proof of title to property and any rights, privileges, appeals, or burdens that might appear thereon. The Registry of Deeds, on the other hand, provides the voluntary registration system for deeds and conveyances. The record filed in Registry of Deeds is a register that is basically a synopsis of the deed and other formal provisions as well.
Are you still keen on investing in Dublin?
If your plan is to invest in buy-to-let properties in Dublin, always check to see that the property you are considering buying is not located in a rent-controlled area. Originally rolled out for Dublin and Cork, at the time of its next review, the new system means rent can only be increased by a maximum of 4 percent per annum in those areas.