Thinking about buying or selling property in Ireland as an expat? Ireland is routinely ranked among the top expat-preferred countries, and with good reason: the country offers stunning natural beauty, breathtaking city views, and relatively inexpensive property.
The Emerald Isle is special in many ways, not the least of which is its diversity (mountainous peaks, beautiful plains, and spectacular architecture). If you’re looking to buy a home, Ireland offers a wide variety of alternatives, from coastal to inland locales.
Aside from its attractive natural environments, Ireland also has one of the most affordable housing markets among the world’s most sought-after expat destinations. Therefore, the Emerald Isle is a great place to call home whether you plan to work, go to school, or retire.
Knowing the ins and outs of the Irish real estate market will help reduce the anxiety associated with purchasing a home abroad, which is especially important if you plan to relocate to Ireland in the near future.
To get you started, we’ve included all the information you’ll need to buy a home in Ireland as a non-resident, including the buying process and any other nuances you should be aware of.
Are there any limitations on non-residents purchasing property in Ireland?
Checking if there are any limits on purchasing property is a good idea for anyone planning to buy a new house in a different country, which is a common concern for individuals considering an international relocation. Those considering an investment in real estate in Ireland will be relieved to learn that they are not limited in this endeavour on the basis of where they now call home.
While anyone can buy property in Ireland, that doesn’t give them the automatic right to live there. Potential buyers who do not currently reside in the United Kingdom, the European Union, or Switzerland may have difficulties in obtaining a visa.
Those considering leaving the UK may have similar concerns about Brexit’s long-term effects. Despite the difficulties that Brexit has caused for Britons planning to relocate abroad, those moving to Ireland should have no such difficulties.
Finally, if you’re planning to buy a house in Ireland, you should know that a PPS is required. (Irish Personal Public Service number). To legally reside in Ireland, one must first obtain a Personal Public Service (PPS) number, which functions as a taxpayer ID and is analogous to a UK national insurance number.
Get in touch with an Irish lawyer for advice on applying for a PPS for additional details on the procedure.
How is the housing market in Ireland right now?
Despite the recent pandemic, the Irish property market is one of the cheapest and rapidly expanding in the EU, as we discussed earlier. Irish real estate has been stable in recent years, with modest price increases and healthy but not frantic buyer interest.
The current state of the Irish real estate market makes it a good time to sell, and there are numerous desirable areas in which to live. However, just like in many European countries, competition for the home of your dreams can be fierce; if you have your heart set on a specific property, you should be ready to act swiftly.
Modern residences with all the conveniences and older Georgian-era homes with a sense of polished elegance are both part of the housing stock in Ireland. To sum up, homebuyers in Ireland can pick from a wide variety of options.
Irish real estate costs vary by region, so it’s crucial to have an idea of what to budget for before you start looking. The following are the median prices per square metre for apartments in desirable Irish city centres:
- From €145,000 to €370,000 in Dublin
- Cork – €135,000
- Dublin – €240,000
- €105,000 for Limerick
- Approximately €90,000 in Waterford
How does one get started in the process of purchasing a home in Ireland?
The first step in purchasing any home, whether it’s in your own country or elsewhere, is to take an honest look at your financial status. For starters, you’ll need a sizable emergency fund and a steady source of income to cover your regular expenses and mortgage payments.
The first order of business is to take stock of your financial status and create a budget. This includes applying for a mortgage in Ireland in order to secure a loan commitment. This can help you determine a reasonable budget for a first home search.
Our mortgage guide for Ireland is full of helpful information for anyone looking into purchasing a home in the Emerald Isle. You might also consult with a foreign mortgage broker, such as the ones we can recommend. They’re happy to help with home hunting and foreign mortgage options.
If you want to buy a house in Ireland, you’ll need to get an Irish mortgage because almost nobody can buy without one. That’s why getting an Irish mortgage is essential.
But before you even start filling out your mortgage application, you should start researching real estate agents in your target neighbourhoods.
When you do find a selection of houses you like, you could even be able to view them online, but it’s recommended that you view them in person if you’re interested so you can get a good feel for the property in question.
Making an offer to the seller is the next step after finding the home you wish to buy. If they agree, you will need to find a Commissioner of Oaths to preside over the contract signing and arrange a booking deposit with your estate agent to remove the house from the sale.
Factors to keep in mind while looking for a home in Ireland
In the event that you have any doubts about the legality of any Irish estate agents you encounter during your property search, you can do so by visiting the website of the Property Services Regulatory Authority. This site maintains a list of all registered estate agents, so finding one that is registered here means you’ll be working with a trustworthy agency.
In addition, you should think about getting in touch with an Irish solicitor to help you with all the paperwork involved in purchasing real estate in Ireland. Again, like with Irish estate agents, you may utilise the Irish Law Society’s website to identify respectable lawyers in the area you’re searching in.
Finally, a Commissioner of Oaths must be present during the signing of any legal documents during the purchasing process. This person is the Irish counterpart of a notary and must be there if you are unfamiliar with the term.
What expenses are involved in purchasing a home in Ireland?
It is crucial to have a thorough understanding of all of the costs (beyond the mortgage payments) associated with purchasing a home in Ireland before proceeding to the closing stage.
First and foremost, you will be responsible for paying your attorney and the Commissioner of Oaths’ costs, along with the cost of home insurance and any stamp duty that may be owed on the title documents for your new property. If you’re working with a real estate agent, they’ll ask for a booking deposit before they’ll even show you the place.
To add to these, you’ll have to foot the bill for a survey of the property. This is not required, but if flaws are discovered, the cost of fixing them could be much higher without them.
Possible costs are broken out as follows:
- Legal representation costs can be a fixed amount or a percentage of the final sale price of the property. They can cost as much as €900 (or 1% of the property value) on average, plus VAT.
- Costs associated with obtaining a mortgage valuation can range from around €150 to €200.
- As for the stamp duty, it’s going to be 1% of the whole worth of the property.
- Search costs – they may vary depending on the estate agent in question. The typical price is roughly €150.
- Land registry costs – this will depend on your chosen property’s location.
- Notary fees – this will depend on the pricing set by your chosen Commissioner of Oaths.
- The cost of the survey will vary based on the level of detail requested and the expertise of the surveyor you hire.
Reaching the final stages of a purchase
After pulling a property from the market and getting it ready to sell, the next step is to have a property survey done. Even though a survey isn’t required by law, a buyer who doesn’t ask about any problems in the property can end up paying more for it later on if they have to be fixed.
Before making the last payment, it’s a good idea to have a professional evaluate the property for any hidden flaws and negotiate a lower price with you if necessary.
After this survey is finished, you can move forward with signing up for house insurance and the rest of the mortgage paperwork. Your mortgage solution in Ireland must include homeowners insurance in order to be approved, so you should plan for this at the same time.
If everything seems good after these stages, you and the seller can sign the contract of sale in front of a Commissioner of Oaths of your choosing.
The final payment and the property handover are scheduled for the end of the contract’s term. On this date, you’ll be expected to fork out the remaining portion of the purchase amount agreed upon so that your attorney may finish up any final paperwork required to deliver the goods.
Requisitions on Title, covering an inventory check of the property’s contents, come first, followed by a Deed of Conveyance, which addresses the property’s legal status.
Furthermore, they will verify that the seller is the rightful owner of the property being sold and that there are no liens or judgements against them.
Your lawyer will next contact your mortgage lender and submit an application for loan approval after all of this has been completed. Once the seller’s lawyer has received the final amount of the purchase payment, they will hand you the keys to your new home.
Additional factors to think about when purchasing a home in Ireland
The steps outlined above are straightforward, but there are a few details to keep in mind before, during, and after purchase to help you avoid common errors.
You must first register your property with the Registry of Deeds or Land Registry once the sale has closed. Thankfully, your lawyer can assist you with this, as it is not a complicated matter.
Second, you may give your solicitor power of attorney to sign documents in your name if you become unable to do so yourself.
Finally, once you sign a sales contract, it is difficult to get your money back if you decide you no longer desire the home.
Now that you have all this data at your disposal, house hunting in Ireland should go quite well. It’s never easy to buy a home, but with the help of a good lawyer and a reliable foreign mortgage lender, you should be able to get through any hiccups you encounter.
Check out our other blog pages, where you’ll find a wealth of information about countries around Europe and beyond, each of which is a popular destination for expats.
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