Irish properties are smiling for Canadian buyers

In the same week that Irish residential property prices recorded their first annual increase for more than five years, Canadian REIT CAPREIT forked out €40m ($54.46m) for four apartment developments in the Dublin suburbs.

The 338 apartments in the blocks currently produce €3,645,000 ($4,963,263) annually with the new owners expected to earn a gross yield of about 9.5 per cent. Rents in Dublin city have been rising steadily in recent months due to limited housing supply and strict lending criteria.

Foreign investors, including Canadians, have been scooping up the litany of distressed residential and commercial properties and developments around Ireland.

David Duffy, an economist at the Dublin based Economic and Social Research Institute, recently stated that interest from Canadians in Irish residential property had increased as prices tumbled by almost 50 per cent in some regions.

Savills real estate agent says 25 per cent of its buyers are from outside of the country with Russian investors recently tapping into the low-cost market.

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