‘Unprecedented surge’ in luxury country home sales in first half of 2023

There was an “unprecedented surge” in transactions on the luxury country home market in the first half of the year, as the market saw its highest trading volume since records began in 2010.

A report by property agent Savills Ireland shows that prime country home transactions (involving property sales above €1 million outside of major city areas) reached €105 million in the first half of 2023.

This was an 8.7 per cent year-on-year increase in total value. Meanwhile, the number of deals completed rose by 7.8 per cent year-on-year to 69, implying an average deal size of €1.5 million.

With analysis excluding sales in Dublin, north Wicklow and major regional cities, the largest number of transactions was in Kildare.

Student accommodation: A market plagued by bed shortages, rising rents and 51-week leases

---

An attempt to buy the next election with a giveaway budget would be a gross miscalculation

---

The outlook for interest rate cuts is changing - so should Irish borrowers be worried?

---

IDA gives Intel €30m in aid package

---

Transactions in Kildare accounted for 14.8 per cent of all sales in the first half of the year, amounting to almost €16 million across 13 deals. This was followed by Wicklow at 14.5 per cent and Cork at 11.2 per cent.

James Butler, head of country agency at Savills Ireland, said that while last year showed a strong drive to regions farther from Dublin due to the influence of working from home, this year has seen a more moderate trend, with counties such as Kildare and Wicklow indicating a bounce back towards the Dublin area.

“However, the influence of remote working remains a significant driver in many parts of the country,” Mr Butler said.

“Prime country homes, with their appealing blend of space, privacy, and connection to nature, continue to be in high demand. The increasing inclination of buyers towards eco-conscious decisions, particularly properties with expansive land for projects such as rewilding, stands out.”

Cash buyers were once again the dominant players in the Irish prime country homes market in the first half of 2023, making up 69 per cent of total transactions.

Savills also noted that 31 per cent of buyers were international, with a strong representation from the United Kingdom and the United States.

“While the prime country homes market has seen substantial activity this year, the limited supply, especially of modernised properties, ensures that this segment remains a highly sought-after asset. With both domestic and international demand continuing, we expect the market to remain buoyant for the remainder of the year and well into 2024,” Mr Butler said.