WHILE record numbers of buyers are investing in their dream holiday home abroad, for others, staying at home is the new going away.
The ease of hopping in the car and heading to a cottage in the west is infinitely more stress-free, and carefree, in the minds of many Irish buyers, than the hassle of flying to a destination perhaps less well-known.
And while we all are being made more aware that flying is less than eco-friendly, it's a climate issue of a different matter that greatly affects the decision on whether to buy your holiday home here or not. Yes, the weather. Ireland is not exactly up there with the Med in terms of days of sunshine hitting the threefigure mark. But we are a good-looking little island, which is why so many buyers have come here, particularly to places like west Cork, with its 100 miles of coastline and mild climate.
According to Henry O'Leary Property Partners, one of the agencies based in this part of the country, however, the ongoing strength of the property market here means it is Irish buyers, rather that those from abroad, who are snapping up those second homes.
"Traditionally, our strongest market over the past five years was the UK buyer, accounting for over 65% of what we sold. That figure is slightly down this year, to around 40%, and the reason is that the Irish buyer is now very strong, and competitive. UK buyers are now continually being outbid by Irish buyers who are well able to pay the higher prices."
He recently expected to get between 400,000 and 500,000 for a 30-year-old bungalow on three-quarters of an acre near Courtmacsherry Bay but it actually sold within eight weeks for 800,000.
"Another change is that people coming from the UK are not coming to buy a holiday home as such, they are coming to live here. They also tend to look more towards investing inland, maybe in a typical farmhouse in a rural area, the opposite from the big, crowded city they may have lived in previously. Irish buyers, by contrast, tend to go for something coastal, yet convenient to a town or village."
Connemara remains a top choice for a holiday home for those who like their landscaped handsomely rugged and their seas romantically wild. However, Tony Kavanagh of the newly opened Clifden office of Sherry FitzGerald says most buyers have their feet firmly on the ground when it comes to investing in a holiday getaway.
"I don't necessarily think that those buying second homes are all filled with romantic notions about thatched cottages and escaping totally from modern living. While some prefer to go inland, most buyers are looking for proximity to a good beach.
"Being closer to the sea inevitably makes a property more expensive, as does one with period character. For example, we expect that an old coastguard's cottage with three bedrooms in Roundstone, near a lovely white sandy beach, will fetch around 500,000 when it comes up for auction this month. Conversely, older buyers, perhaps in middle age or semi-retired with more spare time, will opt for a ready-towalk-into modern apartment in a more urban centre.
"We are currently selling from a former tax designated scheme of three-bed detached lodges near Clifden, priced from 205,000 and on a managed scheme, which is a very good buy."
Kavanagh has seen a definite increase in numbers of Irish buying their second home here, rather than joining the hordes investing abroad.
"For a start, it's easier and quicker to get to your Irish home, from whichever city you live in. An emerging pattern is that one parent will move for the summer with the children, while the other parent commutes back to the city on Monday morning to work, returning on Friday evening. There's the familiarity in terms of the actual transaction itself, and dealing within your own system."
For many, their new holiday home will be designated fully for use by family and friends.
Going to the trouble of letting the property out could prove very lucrative, however, especially in the high summer season, says Amanda Percy, of Co Galway selling agents Spencer Auctioneers.
Her advice to clients is to check out rental rates with the tourist board.
"In summer, owners can get a very good return on their holiday home, with rates starting from 250 a week and rising to 900 at peak season. Failte Ireland's 'Guide to Self Catering Accommodation' will give a very good indication of how different areas compare."
Getting a return financially is not a priority with every buyer, says Percy, adding that people are just as likely to invest more money in renovation. The 'cottage to do up' is the most cost-effective way to buy your holiday home, and remains the most popular, she adds, while adding a caution.
"There are still quite a number of derelict cottages in Connemara, but it's extremely difficult to get planning permission to restore them, install a septic tank or rebuild. Similarly, you can't buy land and build a property on it. We recommend that, unless planning permission has already been approved on a derelict cottage, that potential buyers consider instead properties that only require cosmetic work."
The region is very popular because of the peace and tranquillity on offer, particularly inland.
"While proximity to the sea is a priority for some, just as many buyers are attracted to areas near fresh water . . .
Lough Corrib and beautiful areas such as Killary Harbour, Roundstone, and Clifden, the capital of Connemara, " says Percy.
When it comes to British buyers, one of the specialist companies dealing with the Irish market is The Property Finders Ireland, who say that rural villages are among the most popular places for holiday homes for their clients.
Peaceful and safe surroundings can be a draw for people with young families, and these factors often override the need for a home in a coastal location, according to Martin Murphy from the company.
"Villages are often very well serviced and provide a safe environment for new residents. Local people look out for each other in villages, which is often not the case in holiday home resorts.
"New three-bed homes can be bought in rural villages for as low as 190,000 and very often the local market will be aware of reasonably priced homes because they might not be advertised nationally.
In such situations, it is a good idea to engage a buying agent who is aware of the local market and can source a property that a buyer who is unfamiliar with the regions may not otherwise have found."
But what if the property bubble finally bursts? Won't the holiday homes market be a major casualty? According to Henry O'Leary, enduringly popular holiday home locations will always be able to find buyers.
"West Cork has been a magnet for overseas buyers for decades. At the moment, it's Irish buyers with a lot more money who are setting the pace. But even if the Irish property market took a downswing, it's the sort of place that will attract back those buyers from the UK and the US.
"What are people currently paying? People are paying what they have to . . . and for a considerable number of Irish people at the moment, it looks like money is no object. " www. thepropertyfinders. com Property Partners Henry O'Leary (023-359 59) Spencer Auctioneers (091-552999) Sherry FitzGerald, Clifden (095-21 888)
A FARM NO MORE IN WEST CORK
A FEW decades back, this property was a full working dairy farm. While the cows are long gone, the charming farmhouse at Dunworley, Butlerstown, Bandon, remains in very good condition and is an obvious candidate as the characterful, country home in scenic west Cork.
The property sits on 2.5 acres of land, but can be purchased with less land if desired for use solely as a holiday home.
All of the farm buildings are in good condition and could convert as stables. The spacious hay shed, suggests selling agent Henry O'Leary of Property Partners, could easily accommodate a large boat while it was not being used around those waters off the scenic coastline.
The farmhouse is a very attractive, double-fronted residence with five bedrooms and three reception rooms. To the rear are two lofted buildings, one adjoining the main dwelling, and a second which could easily be linked to the house also . . . the U-shaped layout forming a sheltered yard to the rear.
These buildings are suitable for conversion to additional residential accommodation or indeed, as self-contained holiday accommodation, subject to planning permission.
The most stunning feature is undoubtedly the setting, with the farmhouse enjoying a southerly aspect and views of the bay from many of the windows. Dunworley beach is within walking distance of the house. Clonakilty is 15 kilometres distant, while Cork city and airport is within approximately 45 minutes' drive.
Price: 500,000 Agent: Henry O'Leary Property Partners 023-359 59
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