Ireland is a country that offers a wide range of investment opportunities in the property market. With a growing economy and increasing demand for housing, there are several cities and regions that are particularly attractive for investors. In this article, we will explore some of the best places to buy investment property in Ireland.
Dublin’s property market is generally considered to be expensive, particularly in certain areas. This is due to a number of factors, including high demand for housing in the city, limited supply of available properties, and a strong economy that has attracted many businesses and workers to the area.
According to the latest data from Daft.ie, the average asking price for a property in Dublin was around €425,000 as of Q4 2021, with prices varying considerably depending on the location, size, and type of property. For example, prices are typically higher in central and affluent areas such as Dublin 4, Dublin 6, and Dublin 18, while properties in more suburban or less popular areas may be more affordable.
Rental prices in Dublin are also generally high, with many tenants paying a significant portion of their income on rent each month. The average monthly rent for a two-bedroom apartment in Dublin was around €1,800 as of Q4 2021, although again, prices vary depending on the location and quality of the property.
A EUR270,000 1-bedroom apartment rented at EUR1,800 a month would yield 8%. An apartment worth EUR 850,000 will yield a rental yield of 8.47%. Potential investors might be able to invest less but still, get a great ROI.
Ireland’s heritage and charming historic buildings are a large part of its charm. Cork perfectly embodies that with its beautiful and varied landscape. It is Ireland’s second-largest city and also one of the country’s most important ports. Cork has a population of around 220,000 and an international airport.
Cork is a stable market that offers investors great returns on their investments. In addition, cork offers new investors the chance to get in on the market at lower entry barriers than Dublin.
Cork property prices start at EUR220,000 per 1-bedroom apartment and EUR245,000 per 2-bedroom property. You can get decent rental yields of 5.56 and HTML72%, respectively. Rent for a Cork property with a 1-bedroom is currently EUR 1424. Cork offers a great ROI for investors looking to buy property.
Ireland is a popular destination for tourists because of its beautiful scenery and lush outdoors. Galway is a dream destination for tourists due to its mild climate, beautiful and rugged countryside, and historic cities and towns. It is Ireland’s second-largest county and also one of the least populated. It is home to a vibrant arts scene, which attracts international performers throughout its vibrant Arts Fest.
Galway’s property market has seen house prices rise by 24% over the past 12 months. While prices will not continue rising forever, they are expected to remain high and continue their current trend. So this is a great opportunity for investors.
Galway’s median house price is EUR270,671, with an average rental income of EUR1,200.57, giving a solid yield rate of 5.32%.
Limerick is the third-most populated city in Ireland, after Cork and Dublin. It’s located in the Mid-West region. It is famously known as one of the oldest settlements in the country, founded by Vikings in 812 A.D.
Like the rest of Ireland, Limerick’s real estate market has seen steady growth. The demand for rental properties in Ireland is still higher than the supply. This makes it an excellent option for investors looking to get into the Irish property market. Limerick’s median house price is EUR236,057 at the moment.
Limerick’s average rental cost is EUR1,203.31 per month. Therefore, this area is a good place to invest in property. The average rental yield here is 6.12%.
Waterford was voted the best place to live in Ireland by the Irish Times in 2021. Locally, the Deise is the name of this picturesque coastal city. It is home to two mountain ranges: Knockmealdown and Comeraghs. This makes it a great place for people who enjoy city life and want easy access to the beautiful Irish countryside.
Waterford is Ireland’s oldest municipality. The original medieval city walls, cobbled streets, and historic buildings are still intact. As a result, it is a place rich in Irish history.
Waterford’s property market is in high demand. There are very few properties available to rent or buy. Waterford is much more affordable than other larger cities in Ireland. However, this area still offers good rental yields.
The REA Average House Price Index shows that a three-bed apartment in the city costs, on average, EUR250,000. This is a 9% increase over December 2020’s average price of EUR230,000. Waterford county and city are still in high demand. Rental yields can reach 7-10% depending on which investment property type.
Greystones once voted the best place to live in the entire world, is located in northern County Wicklow near Dublin and Wexford.
Greystones, despite being smaller than other places in the area, is bustling. This seaside resort has a lively center with a renovated waterfront and harbor, restaurants, as well as two beautiful beaches. Tourists love it for its snow and mountains in winter as well as summer.
Greystones are becoming more popular and are highly in demand for property to rent or buy.
The average property in this seaside resort is EUR 223k. The average monthly rental comes in at EUR1,030.55. The average rental yield in the area is 5.53%. This is a good result for investors.
One of Ireland’s oldest remaining traditional boutique towns in Ennis in County Clare. It is a beautiful area of Ireland and has been voted one of the top places to live. Ennis is reminiscent of a rural community. It is only 12 miles away from Shannon Airport, making it easily accessible for commuters and tourists.
There are plenty of historical and green spaces to explore in the area, which attracts a lot of tourists in summer. On the other hand, people who want a relaxed lifestyle will find many sports clubs.
It is not surprising that property is in limited supply in this area. The average property in County Clare costs just above EUR210k. The rent yield is around 5.5% for a county average of EUR963,40, with a higher rent in Ennis.
Westport, County Mayo, is often included in lists of the best places to live and work in Ireland. It is known for its impressive views of Clew Bay and stone bridges. Westport is a small community with a family-friendly feel.
Westport is a popular choice for families with kids. There are many activities, sports, and open fields.
The average property in County Mayo is sold for EUR171,711, making it one the most affordable places to buy property. Properties are available for rent at an average price of EUR820 31 and yield a yield of approximately 5.73%.
Kinsale, a fishing port in County Cork, is known as Kinsale. Ex-pats love it. It was originally a fishing community, but it has become a vibrant economic hub with many European companies opening offices there.
Kinsale can be found at the mouth of the River Bandon. This area is popular with both tourists and locals because of its beauty. It boasts well-maintained golf courses, yachting, and angling, as well as art galleries and award-winning restaurants, and an annual Jazz festival. Tourists and ex-pats alike love the town’s climate and quality of life. Kinsale is located at the end of the Wild Atlantic Way Trail. This famous road trip takes you through Ireland.
The average Kinsale property now sells at EUR359,259, a 40% increase over the previous twelve months. In addition, in recent months, Kinsale’s average rent has risen to EUR1,642 PM.
Should you invest in property in Ireland?
It doesn’t matter if you are a novice or a seasoned property investor, purchasing a property is a smart move. You can find many practicalities in investing in property in one of the most desirable towns in Ireland. In addition, Ireland’s economy has been resilient in difficult times and continues its growth at a faster rate than many other countries in the Eurozone.
Are you still not convinced? You might be convinced. Take a look at our top reasons to invest in property in Ireland.
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