Buying a Property in Dublin

As of 2010, buying property in Ireland has been a viable alternative for expats who plan to stay for an extended period. Though prices are still high, they’ve decreased tremendously from what they were, and are currently situated around the levels that existed in 2004. Locals will tell you that this is a great time to buy, but depending on the terms and duration of your contract, expats may still prefer to rent property.
 

Property Prices

Irish real estate agents have no qualms about quoting statistics as a method to persuade you to purchase. What they don’t mention, however, is that property prices in Dublin were among the highest in Europe during the boom years.

In February 2007, a tiny 2.5 bedroom standard estate house could cost over €300,000. So, though the price for this type of accommodation has dropped to just over €200,000, the starting point was sky-high.
 

Apartment or house

City centre living in Dublin is mostly done in apartments/flats. The following are examples of some prices in this core area and the surrounds:

• Two-bedroom city centre apartments were listed from €299,000 to €800,000.
• Two-bedroom apartments in the beachside suburb of Blackrock were offered for €245,000.
• A 3-bedroom terrace house in the southern suburb of Ranelgh was listed on My Home for €750,000.
• But if you’re willing to commute from Terenure you can pay €275,000 for a similar property.

Buying property in commuter towns

During the boom many Dublin workers moved way out into towns in surrounding counties like Navan, Maynooth or as far as Leitrim. While this often meant travel times of up to two hours each way, the financial savings were considerable. If you’re looking for somewhere rural, quiet and with a good sense of community; bargains can be had in these areas. Just check the estate very carefully as some are not completed and lack basic facilities.
 

How to Buy Property in Ireland

The basic steps to buying property in Ireland are similar to those in many other European countries.

• Start looking with real estate agents, newspapers and online sources
• Find a good solicitor to help you with these stages.
• Arrange financing. This can be difficult in Ireland at the moment as the banks are wary of being left with further debt, but not impossible.
• Draw up a clear offer; you need to stipulate if you want to buy furniture etc as this is not automatically included.
• Make an offer; this initial offer is dependent on the contract and survey. It is usual to amend the offer if your surveyor finds hidden problems. Damp for example is a constant problem thanks to the climate.
• A Property Survey usually costs about €150 for a general survey. If you want a more detailed Homebuyer’s Survey, discuss this with the surveyor for an extra cost.
• Some vendors will ask for refundable deposit at this stage.
• Be aware that Gazumping, when another buyer offers more and sweeps the property from under you, is quite common.
• Finalising the mortgage with a lender involves quite a bit of paperwork which is where the solicitor comes in useful. You will need to submit the Direct Debit order, Buildings Insurance and Life Insurance.
• At this stage buyers would usually pay the full deposit; usually about 10% of the final cost. Note that by 2010 this is negotiable.

Ultimately, buying property in Dublin is completely dependent on personal choice and situation. Though property prices have decreased, so have rental prices, so for a short contract leasing may still be a better option. The Irish Property Watch site is a good starting point if you're planning a move here; watch prices move and decide what you can afford.