Why You Should Consider Investing in Irish Housing Market
If you know much about Ireland, you must have noticed that the housing supply in Ireland isn’t increasing as fast as the population. Although the Irish government is making some efforts to supply more houses, the government’s effort alone won’t meet all future demands for houses. Investors see this situation as an opportunity to get more money while rendering helpful service to the nation.
As an investor, you may already have plans to invest in the Irish housing market, but you may seek strong reasons to do so. If that’s the case, we are glad you’re here because we are about to show you some reasons why you should invest in the Irish housing market.
1. Investment Appreciation
The average house price in Ireland is predicted to increase in the future. When this eventually happens, your investment in the Irish housing market will also increase. It might take a long time before your investment increases enormously, but it’s worth waiting for.
You may be wondering whether there’s a chance for your investment to depreciate instead of appreciating. The truth is that the ever-increasing demand for houses won’t allow the Irish market to crash any moment. Even if it does for a short time, the housing market will rebound again quickly, so you can’t lose your investment.
2. High Rate of Return
The Irish housing market generates high ROI in different ways. For instance, if you buy a property in Ireland, you can generate money by renting it out to tourists. Fortunately for landlords, rental prices in Ireland are high. The growing population may even increase rental yields in the future.
3. Support From Government
The Irish government has set up some schemes to assist investors. An example of those schemes is the Help to Buy scheme. This scheme makes it easy for you to invest in the housing market even if you don’t have excess money to invest.
Other government schemes can also help you invest in the housing market even if you don’t have enough money when you decide to invest. If you find yourself in such a situation, you can easily apply for a Rebuilding Ireland Home Loan. First-time buyers can leverage this opportunity. You have the privilege to borrow up to 90% of the cost of the property you are investing in.
These kinds of supports are available only in a few countries. The support from the Irish government doesn’t only help you invest easily but also helps stabilize the housing market and secure your investment.
4. Favourable Tax Policy
As an investor, the tax you pay on your property is one of the things you need to consider before investing your money in any housing market. Fortunately, the Irish government doesn’t demand high taxes from property owners.
Property owners can choose to pay Local Property Tax at once or pay in phases. You can legally reduce the amount you pay as tax by deducting the money you use to maintain your property from its market value.
Even if you don’t reside in Ireland, the tax policy in Ireland still favours you. For instance, a non-resident who owns a property in Ireland will not be double taxed since Ireland made double taxation agreements with a total of 73 countries. In general, the tax policy in Ireland favours you as an investor.
However, resident landlords pay less tax on rental yields compared to non-resident landlords. So if you also wish to pay the minuscule tax possible, you should consider submitting an Irish resident application and becoming an Irish resident.
Whenever you want to invest in the housing market of any country, you must consider the safety of the country. If you invest in a country vulnerable to natural disasters and wars, your mind may not be at peace.
Fortunately, Ireland isn’t susceptible to natural disasters like earthquakes and volcanoes. The minor disasters that people sometimes witness in Ireland occur due to weather and are usually not severe.
War is also an uncommon thing in the Republic of Ireland. The Global Peace Index ranks Ireland among the most peaceful countries. The peace that exists in Ireland helps everyone who invests in the Irish housing market avoid losses that can arise from natural disasters and war.
Investing in the Irish housing market is a great thing. The earlier you invest, the better it is because the Irish housing market is rising at a very fast rate. Hence, we strongly recommend that you invest in the Irish housing market as quickly as possible.