The Irish Are Coming – Comaskey Properties

The Irish are coming.

A friend/collaborator of ours emailed me this week with some good news. He said “bet your bottom euro the Irish buyers are coming to Spain in 2014”.

When we opened our doors to the public in 2002 half our clients were Irish. By 2004, that figure was up to 70%. I´d say we sold 500 Golf properties alone to Irish buyers between ´04 and ´07.

Once the credit crisis came, or in reality, the Irish property bubble burst, that stream of buyers just fell away.

Last year in Comaskey we sold to 12 different nationalities- Irish, Scottish, English, Welsh, French, Belgian, Danish, Swedish, Norwegian, American, Russian and our new favourites, the Chinese.

In 2014, we think its possible that the dominant buyer may once again be the Irish client.

Ireland has more money on deposit per head of population than any other European country except Germany. We own more domestic property per head than any other country in Europe and we are the 2nd highest owners of foreign property in the world.

So, how does that influence the Irish buyers decision to view and hopefully purchase property in La Zenia in particular or on the Costa Blanca in general?

Well, They are used to buying abroad so that means its not a culture shock- As is the case with Asian buyers for example.

We know the area- Irish have been coming to Spain by the plane load since the introduction of the package holiday in Spain in the 70s.

We have the cash, (well, not me, but some of us)- As mentioned previously, Irish buyers have money on deposit which they are getting little or not return for.

The uncertainty of other traditional investment vehicles. Four words… Anglo Irish Bank Shares.

Finally as the Irish Baby Boomer matures their desire to buy up the world is beginning to decrease. Investors in Ireland (not searching the dream deal or the fantastic flip which will see them double their cash in ten months as was achievable in La Zenia ten years ago) are now seeking a solid investment, perhaps walking distance to the sea, maybe with a little rental return, or not (but certainly a place where they, their kids and their grand kids can come to relax around the communal pool, have a great value for money holiday and at the very least not see their investment decrease); that is becoming the goal. As a buyer said to me recently, you cant have a two week holiday in your Bit coin shares and the apartment he bought in La Zenia is not subject to wild fluctuations in value.

Perhaps the Spanish Property sector will return to what it was in 2002- a realistic family friendly market, half the price of most European cities, with a low cost of living and easy access and sunshine – Lots of it!

One request please Irish buyer- Please don´t pay more than the asking price and make sure you deal with an agent who knows what they are doing. The last thing we need is another bubble- a steady slow burner will be just fine though.

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