If you have the means to do so, then buying property in Ireland may be a wise decision. Rental prices in Ireland, especially in Dublin and other cities, are high, and while purchasing a place of your own may not be cheap, it could provide you with better value for money in the long term.
Moreover, there is a lot to be said for having a place you can truly call home. Or a place you can rent out, known in Ireland as a buy to let property (a buy to let mortgage is a mortgage loan specifically designed for this purpose).
There are no restrictions on non-nationals buying property in Ireland. However, if you want to buy farmland as a non-EU citizen, you may need to get approval from the Land Commission. Otherwise, it is relatively easy to purchase property anywhere in the country, though owning property in Ireland does not automatically entitle the owner to a right of residence (see our comprehensive immigration section for information on residence in Ireland). In addition, owning a commercial property in Ireland does not generally entitle you to operate a business from that property.
Buying property in Ireland is a decision that shouldn’t be taken lightly. That being said, if you have a sufficient deposit combined with extensive research and a clear idea of the location and type of property that you want to purchase, then you stand a good chance of finding the perfect place for you.
Where to buy?
Property prices in Ireland vary around the island. Dublin is by far the most expensive place to live. Galway, Cork and Limerick cities also have high property prices depending on the particular location. If you are interested in buying property but your budget is limited, you may need to look at smaller towns around Ireland. If this is the case, take into consideration local amenities and commuting distances.
It is not uncommon for property in Ireland’s cities to sell for 10% to 20% more than what it was advertised for, as other bidders in the market push the price up. Therefore, if you have a budget, you should look at properties that are on sale for up to 20% less than your maximum budget. If you are looking in rural areas where property prices are generally less competitive, you should bid a little lower than what you are prepared to pay, as you will likely see competition increase the eventual sale price.