Sunday, May 26, 2024

Island Market

Ireland: In the Emerald Isles, Private Islands for Bargain Prices

European private islands traditionally rank among the most expensive on the global market – however, a recent article suggests that in Ireland, bargain hunters can find incredible deals on these exclusive properties.

(Image of Quay Island Courtesy of VPI)

Hard-hit by the European credit crisis, Ireland has undergone an unfortunate transformation over the past 15 years. Once touted as one of the EU’s top emerging economies, with a burgeoning technology sector and skyrocketing property values, the country was dubbed the “Celtic Tiger” for its aggressive growth. During the global financial collapse in 2008, however, Ireland’s bright future was placed seriously in doubt, as its real estate bubble burst and household debt became the highest in the developed world.

(Image of Mutton Island Courtesy of VPI)

Despite this turmoil, the country is beautiful as ever, and much like the devastated United States, has become a magnet for international real estate investment from less-affected nations. According to an analysis published on July 1st, 2011 by prominent estate agency Sherry Fitzgerald, home prices nationally have fallen more than 55% since the 2006 peak, reverting back to levels not seen since 2002. This morass has even extended to arguably the most luxurious real estate – privately-owned islands.

In a recent article in the Irish Times, a number of Irish real estate agents were quotes as describing a market where interest for private islands came mainly from abroad, and the properties tended to linger on the market until they found the right buyer. According to the article, many Irish islands have had steep price cuts since their peak, with at least one for sale at less than €200,000.

(The Ruins on Mutton Island)

However attractive cut-price islands may seem, it is essential that potential buyers do their homework –unless seeking a unique camp site, interested parties should confirm that it is possible to build on the island, if a residence is not already in place. In many cases, an existing dwelling – even if in ruin – will allow for some construction, whereas untouched islands may have stronger environmental protections.

There are several islands on the market that either have liveable dwellings, or due to pre-existing construction, have a good chance of allowing the development of at least a small home. Offered through Hamburg-based island specialists Vladi Private Islands, Mutton Island is a beautiful and historic patch of land near the Aran Islands on the country’s western coast. Inhabited since the 6th century, the 185-acre island boasts picturesque ruins amid a gloriously pastoral setting. The island is listed for €500,000, but offers are welcome.

(Image of Lock Gates Courtesy of VPI)

Close to the city of Limerick, in the Shannon Estuary, the company has another Irish isle for sale – this one dubbed Quay Island, a brilliant emerald gem hosting a lighthouse and a few ruins. The location of this €400,000 island is ideal, as the Shannon area offers incredible sights like Bunratty Castle and the scenic Cliffs of Moher. For those in search of something truly unique, a man-made island known as Lock Gates, complete with a 5-bedroom bungalow, is for sale in County Kerry for €900,000. For anyone who has dreamed of a piece of the Emerald Isles to call their own, now may be the time to live make it a reality.

Read the original article here: The Irish Times

Visit Vladi Private Islands to see these and other Irish properties: Link

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