Ireland’s Country Homes Market Sees Strong Sales in Early 2024
Table of Contents
Munster Sales Showcase Market Strength
The Munster region also witnessed several notable transactions. Seaspray in scilly,Kinsale,fetched €5.5 million,while Valley House in Sandycove,Kinsale,sold for €4.99 million, both according to the Property Price Register. Glebe House in Landsend, Dungarvan, Waterford, secured a price of €3,704,850.
Mid-Range Market Sees Strong Competition
The €800,000 to €1.5 million price bracket proved incredibly active, with properties frequently enough exceeding their asking prices due to fierce competition. The castle in Ballybrittain, County Offaly, exemplifies this trend. Listed at €975,000, it garnered global interest and ultimately sold for a price significantly above asking.The irish countryside continues to captivate buyers seeking spacious estates and rural retreats. While the market for country homes has proven resilient, navigating a landscape characterized by limited inventory can be challenging.
A Shift Towards discretion
To address the scarcity of available properties, many vendors have turned to private sales. This approach, facilitated through established networks of qualified buyers, offers advantages for both parties. sellers enjoy privacy and versatility in closing arrangements, while buyers avoid the stress of competitive bidding and sometimes agree to pay a premium for the exclusivity.
The most coveted country homes boast proximity to international airports (within a 1 to 1.5-hour drive), boast past significance, and are situated on at least 10 acres of land. Prices for these sought-after properties range widely, from €800,000 to over €30 million, depending on their unique attributes.
The Resilient Farmland Market
Despite facing several challenges in recent years, including reduced milk prices, tight margins in tillage farming, and adverse weather conditions, the Irish farmland market has remained remarkably stable. High operating costs in the agricultural sector have further widened the gap in pricing between premium properties and more basic farmland.
International buyers and business professionals seeking large estates, such as 300-acre properties with period homes, have largely remained unaffected by these challenges.
Agricultural land prices saw significant growth in 2022 and 2023, with increases of 10% and 11.5% respectively. While the first nine months of the current year saw a more moderate 3.5% increase, this suggests a transition to a more sustainable rate of growth. The average price per acre of general farmland now stands at €12,342.
This moderation in growth can be attributed to several factors, including farmers’ cautious approach due to concerns over nitrate regulations and uncertainties surrounding changes to derogation policies. Reduced farm incomes and a limited supply of land available for purchase have also contributed to constrained market activity.
Looking Ahead: A Promising Outlook
“We expect 2025 to be a busy year, especially if the recent surge in enquiries from the U.S. translates into viewings. We’re optimistic that the supply of properties will increase to meet the demand from eager buyers already registered in our database,”
says .
## Interview: Strong Start for IrelandS country Homes Market in 2024
**Host:** Welcome back too Archyde. Today, we’re talking about Ireland’s booming country homes market. We have with us Alex Reed, a leading expert in the Irish property market. Alex Reed,thanks for joining us.
**Alex Reed:** Thank you for having me. I’m happy to be here.
**Host:** Let’s dive right in. 2024 got off to a strong start for Ireland’s country homes, didn’t it? We saw some really impressive sales figures.
**Alex Reed:** Absolutely. The first quarter was incredibly active. We saw a number of noteworthy transactions, starting with the sale of Ballynatray House in County Cork for a staggering €35 million to British entrepreneur James Dyson. This off-market deal set the tone for a year of robust activity.
**Host:** That’s a remarkable sum, and it shows the appeal of these prime properties. Can you tell us about some othre notable sales?
**Alex Reed:** Certainly. Dowth Hall in County Meath, a sprawling 552-acre property, was acquired by the National Parks and Wildlife Division for €11 million. In County Tipperary,the historic Killough Castle exceeded its €6.5 million asking price due to intense competition.
**Host:** It seems like demand is outpacing supply in this market.
**Alex Reed:** That’s a fair assessment. The Munster region also saw a number of high-profile sales, including Seaspray in Kinsale for €5.5 million and Valley house in Sandycove for €4.99 million. these properties showcase the regional strength of the market.
**Host:** We also see increasing activity in the mid-range market, right?
**Alex Reed:** precisely. The €800,000 to €1.5 million price bracket is incredibly competitive. Properties are often selling well above asking prices.
**Host:** Can you give us an example of that trend?
**Alex Reed:** Absolutely. the castle in Ballybrittain, County Offaly, listed at €975,000, attracted significant global interest and ultimately sold for a price considerably above asking.
**Host:** So, what’s driving this surge in demand for country homes in Ireland?
**Alex Reed:** Several factors contribute to this trend. You have a combination of low interest rates, increased desire for space and privacy post-pandemic, and a potential return on investment as lifestyle choices evolve.
**Host:** Interesting. Do you see this trend continuing?
**Alex Reed:** it’s certainly a dynamic market. while we expect continued strong activity, factors like interest rate rises and the wider economic climate will play a role.
**Host:** Well, Alex Reed, thanks for providing us with such valuable insights into the Irish country homes market. It’s been a pleasure having you on Archyde.
**Alex Reed:** Thank you for having me.
