As a result of the recent economic boom, housing stock in Ireland is in no short supply. However, it is being rapidly snapped up from an unusual quarter as research shows that 40% of first-time buyers in Ireland last year actually hailed from Asia!
Not unlike the UK, new houses in Ireland are small and have been ranked 10th in size among EU member countries. But despite their size and limited floor space, the increased supply of housing has created some market stability, although it is also causing problems higher up the property ladder. As first-time buyers seek to trade up their property in order to gain more space, a dwindling supply of housing at the top end of the market is causing house prices to spiral upwards; so many families are now unable to find larger, higher-quality homes at realistic price levels. In fact, recent research on worldwide urban property markets Dublin as one of many areas deemed to be severely unaffordable.
As a result, fledgling EU member states could soon become prime targets for overseas ownership by Irish nationals. In Bulgaria, for example, housing standards are high and with property prices around 40% lower than other EU countries, there are bargains to be found whether you are looking for a city apartment in Sofia or Varna, or a holiday home on the Black sea coast.
The cost of living is also much lower, with a study undertaken by the Confederation of Independent Trade Unions revealing that the monthly cost of living for a family of 4 in Bulgaria was just 460. As such, property investment in Bulgaria would seem to be very rosy indeed, with opportunities for some excellent returns on investment, especially when used in conjunction with a series of newly launched, cheap flights to Bulgaria from Dublin.
However, Bulgaria isnt the only country to be attracting property buyers from abroad, with more Irish nationals than ever before buying properties on foreign soil. In fact, over 50000 of these are in Spain where luxury properties continue to attract purchasers at the top end of both the Irish and UK markets. In addition to climate benefits, one of the major factors in the purchasing decision process is the proximity to a prestigious golf course; luxury golf developments being responsible for fuelling foreign ownership property markets in destinations around the world, and creating fierce competition for investment opportunities.
Even celebrities are buying into property developments away from their home countries. Tiger Woods, for example, recently announced plans to develop his first golf course in the United Arab Emirates as part of Dubailand an incredibly ambitious and expensive theme park project. The first of the Dubailand projects is due to open in 2009 and will be twice the size of Floridas walt Disney World attraction. And with 3 additional phases planned through to 2020, the mega project looks set to rocket property prices to even higher levels than those generated by Dubais already prolific construction developments.
Also, in Dubai, the Three Palm and the World islands leisure developments are not only high-profile media fodder, but also physically prominent enough to be visible from outer space! Rising out of the sea, both of these land reclamation projects are attracting the worlds rich-and-famous into a maze of luxurious island homes - all complete with multi-million dollar price tags!
If youre looking to take that next step on the property ladder, why not consider buying a property abroad? Whether youre after a holiday apartment in Bulgaria or a villa in Dubai, investing in a foreign property could turn out to be an ideal investment.
Andrew Regan is an online, freelance journalist.
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