Irish Overseas Investment Up

Property investors in Ireland are showing no sign of slowing down – but they are taking their money abroad. Figures just released from Jones Lang LaSalle show that Irish investors in overseas property upped their financial output in the first nine months of this year but that spend figures in an increasingly wobbly domestic market are down.

Jones Lang LaSalle confirmed that, up to September of this year, Irish investors spent €8.2bn on a broad spread of overseas property, compared with an estimated €6bn in 2006. However, their domestic investment is down by over 50% over the same time period, with ‘only’ €1bn leaving the coffers compared with €2.7bn in 2006. Experts are keen to point out that this drop in domestic spending is a reflection of a widespread Irish concern over the residential market, which has seen unparalleled, speedy price rises since 2005 in particular. Interest in the commercial sector remains strong, representing 77% of all major deals completed this year. And while we reported last week on the growing love affair between Ireland and Romania, the UK is still the favourite home for Irish capital so far this year, especially as it looks like the Irish, ever one for a bargain, have their eyes on what they see as being an imminent price slump across the UK as a whole. Credit crunch uncertainty and marked fluctuations across international markets mean that many countries, the UK in particular, look set to deliver up some great bargains to the savvy (Irish) investor.