The Property Banks Buyers Guide to Ireland
Britons make up the largest
expatriate community in Ireland with a large American community in
Dublin.
Capital Gains Tax is charged at 20% which excludes your main
residence.
There are no restrictions on Foreign Ownership.
Properties and Real Estate Prices in Ireland
Range from:
Dublin from £90,000 / $130,000 for an apartment.
From £80,000 / $115,000 for a house.
From £90,000 / $130,000 for a bungalow.
A small rural house in need of extensive modernisation would be from
£50,000 / $75,000.
Large country homes and estates from £500,000 / $725,000.
Locations to buy property and real estate in Ireland
Dublin being Irelands capital is obviously popular and more
expensive than the countryside for real estate. Southern and western
coasts of Cork, Waterford and Kerry are popular for foreign buyers
with convenience to the airports. Language is mostly English
speaking with Gaelic still one of two official languages. Ireland is
also popular for holiday homes.
Living Costs in Ireland
The cost of living is high in Ireland, particularly in relation to
salaries, which can be relatively low in rural communities. Luxury
goods are also at a premium. However, the standard of living is
high. It is becoming increasingly popular for Britons to retire to
Ireland and take advantage of high pensioner benefits like travel
and free television licenses.
Buying Real Estate and Property in Ireland
A deposit, usually 10%, is paid to the vendors solicitor at the time
of exchanging contracts which binds you to completing the purchase.
Property is mostly freehold with some leasehold for apartments. You
will ordinarily make an offer to buy subject to survey and
contracts.
Solicitor / Lawyer
You will need to hire a solicitor/lawyer or conveyancer to handle
the sale agreements and contracts with the fee normally agreed in
advance, discounted sometimes for sale and buying contracts.
Fees
The fees for buying a property in Ireland will normally total
between 6-10% of the buying price. Your legal fees should not be
more than about 2% of the purchase price which will include VAT
(Value Added Tax) at 21%, with small fees for the land registry
which are around two hundred Irish pounds. New properties will also
incur VAT. Stamp duty is charged for buyers who have bought before
or buy a previously owned property. This will be scaled against the
purchase price, at the most 9%.
Property Tax
Annual tax of around IR£50 for use of local services.
Mortgages
Mortgages are available from Irish banks. The maximum loan is
usually up to 90% of the property value, payable over 15-30 years. A
small stamp duty of 0.1% is charged on mortgages above IR£20,000