While home sales in Denver have decreased 27.4% (at the time this article was written) and the average listing price was $379,190 for the week ending July 12 according to Trulia, some buyers are still saving up for their dream vacation home. According to a new report, it might be wise to save up and buy a home in Europe; specifically Ireland at this moment. Ronan McMahon, an international property investor, wrote in International Living that Ireland’s real estate is as high as 80% off with their current economic status.
Ireland is bankrupt and certain homes are going into bankruptcy fire sales, where hundreds of homes are offered and have to sell, at an almost name your price deal. A few of McMahon’s examples came in at under $100,000 during an April auction. If you snagged a good deal on your home here in Denver and are looking for a retirement home, Ireland is a good bet at this time.
McMahon advises to buy for life and buy somewhere that you’ll always want to have regardless of the value of the property. With both the American and European real estate industry flailing it could be hard to find a renter or buyer in the future. Currently in Denver there are 2,834 homes in the pre-foreclosure, auction, or bank-owned stages; and Ireland could be heading the same way.
McMahon adds that location isn’t the biggest factor you should consider as Ireland is small and “you can drive across the entire country in less than three hours, so you’re close to everything.” McMahon recommends Ireland as it’s an English speaking country, it’s politically safe, cheap travel options to other countries in Europe, and residents have access to free healthcare.
Ronan McMahon is the Executive Director of Pathfinder, a company that finds global real estate opportunities for investment. For more information on him and Pathfinder, click here.