Thursday, Aug 24, 2006

FTBs in Ireland, 20% are 'non Irish'...

Firstrung: One in five first time buyers in Ireland are non Irish

According to recent reserch from the Irish Mortgage Corporation, Asians now top the ranks of non-Irish nationals buying their first home in Ireland. The findings are based on mortgages completed by the independent mortgage broker in the first 6 months of 2006.

Posted by converted lurker @ 09:27 AM (534 views)
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1. Bosscat said...

"They then rent for a couple of years before purchasing their first home in Ireland, during which time they have accumulated some savings and established a credit history here"

This story dovetails to the DM article earlier this week regarding the targeting of Polish workers in the UK by the Banks. The Banks definitely see this a lucrative new source of borrowers in the next few years. If the attitudes of these new buyers in Ireland is comparable to that in the UK it would suggest that they have a high degree of confidence that their employment (and presumably income) prospects are good and that the source of credit to get into property is available. The Irish banks are evidently confident in their (Irish) economic prospects and of the sustainability of this new groups' repayments.
On a more ethereal point, the appetite of new workers to get involved in property in Ireland at this point (assuming some of the same conditions that exist here) would also beg the question as to how effective the marketing or momentum or fundamentals (depending on your position) are ? Also, it may be an indicator as the numbers currently arriving in the UK who intend to settle here long term and the possible consequences that would have.

Thursday, August 24, 2006 02:28PM Report Comment

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