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AS LOW-COST European airlines increasingly gain a reputation for reliability levels as low as their rock-bottom prices, and French air traffic controllers try to rival their farming and truck driving colleagues’ compulsion to strike on an annual basis, Irish holiday home buyers could not be blamed for turning their backs on the traditional French, Portuguese and Spanish resorts. The punitive levels of stamp duty have traditionally made the Irish holiday home market sluggish, but expectations of growth are high in the wake of December’s introduction of incremental stamp duty and mortgage interest tax relief for those investing in residential property. Cormac Meehan of Sean Meehan & Co in Bundoran says that the market is recovering in the wake of the duty reductions, but continues to suffer from a lack of stock. A typical price for a three-bedroom detached property in Glencolumbcille is ?150,000. Stamp duty is now just 3 per cent for a property in this range. Donegal is synonymous with tourists flocking to tea at Daniel O’Donnell’s hotel. This lacklustre image was given a boost when Sex and the City star Sarah Jessica Parker and her husband Matthew Broderick recently paid ?60,000 for a cottage outside the tiny village of Kilcar. The Donegal market has also been influenced by buyers from Northern Ireland, including Gerry Adams. If Martin Ferris comes closer to your ideal neighbour than Gerry, you can get hold of a three-bedroom Kerry property for just a shade more than in Donegal. If you are looking for a slow pace of life this is certainly the place. Martin Daly of Sean Daly & Co in Kenmare quotes solely in ‘real money’ Irish pounds. Daly is certain that “stamp duty killed the market off like someone had turned off the tap”, but his firm have not yet felt the widely-touted recovery in holiday homes. He has a three-bedroom ground floor apartment in Kenmare for ‘real money’ #140, 000 (?165, 000), but admits that the potential to supplement mortgage repayments through rental is limited outside peak periods. Proximity to Dublin means that the prospects of renting the property when you are not around are high. The price tag certainly reflects this. You can pick up a three-bedroom detached house from Sherry FitzGerald in the Brittas Park Bay development for ?244,000. Conor O’Gallagher, of Sherry FitzGerald, says that of the 50 recently-released houses on the 32-acre site only half a dozen remain unsold. The old myth that proximity to sports clubs will increase the value of a holiday home does not seem to hold true. Unless you are Michael Smurfit and actually have your house on (and own) the golf course, the only thing that really matters, in rental terms, is how close your property is to Dublin. X-24 RAZR X 712 AP2 This article is from http://www.britishgolfclub.com/ More british golf club at http://www.britishgolfclub.com/
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