Ireland is a buy-to-let hotspot

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Many buy-to-let investors are looking at Ireland as an alternative to investing the UK, reported The Telegraph in October 2017.

Research by the money transfer organisation WorldFirst has found that Ireland is the top country in Europe for buy-to-let investments. Average rental yields in Ireland in 2017 are 7.08% compared to 6.54% in 2016. The UK has had a fall in rental yields from 4.91% in 2016 to 4% in 2017.

The Irish economy is booming with a gross domestic product increase of 5.8% in the 12-month period from June 2016 to June 2017. Irish house prices have risen at the third fastest rate in the world, and rental prices have increased. The average rent for a one-bedroom apartment in an Irish city is £12,000, which makes it the second most expensive country to rent in the European Union.

In Britain, there have been cuts in tax benefits for commercial mortgage interest payments by buy-to-let landlords. Ireland was due to introduce similar tax cuts in 2016 but decided against it.

The fall in the value of the pound has meant that investing in Ireland is more expensive for UK investors, but the November 2017 increase in the Bank of England’s base rate could strengthen sterling and decrease the cost of buying Irish property.

With Brexit expected to have little effect on the Irish economy, landlords wanting to invest in Irish buy-to-let properties can use mortgage brokers to find a suitable commercial mortgage for Irish property purchases.

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