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Your Comments and Questions

How will the economy in Ireland affect real estate values there?

Question from Steve: Good Evening, Ronan. I hope you are well. I am looking to start acquiring property in Ireland (I have lived and worked there previously). What are your brief thoughts on the country/economy going into the end of the year when it comes to real estate values?

Ronan’s response: Hi Steve, I’m well thanks. The first phase of this crisis mirrors what’s happened in the U.S. Demand tanked in Dublin. There are empty apartments. Not because people lost their jobs but because they can work from somewhere else. Young professionals moved back to their hometowns. Young families are looking for alternatives (with more space and lower cost) outside of Dublin. Meantime, demand for high-end properties in the scenic parts of the country—like West Cork—is rocketing, as it demand for rural properties outside the cities.

What will happen next? That’s really hard to call. The engine of the Irish economy has been tech and pharma multinationals. The future looks bright for them. But, the domestic services sector faces those same unprecedented challenges everywhere else does.

Kids go back to school (in person) here this week. Getting kids back to school is seen as a top priority. But, there are concerns infections will spike and there will be a series of crippling lockdowns. The health system here is poorly positioned to handle winter flu season, plus COVID-19, plus the backlog of regular elective medical care that was deferred over the summer.

The outlook could turn bleak fast, depressing real estate values.

My two cents. Wait and see…

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