Indian Immigrants Lead in First-Time Home Purchases in Ireland
Dublin: Indian nationals have emerged as the most significant immigrant community purchasing newly built homes in Ireland, according to a report by a leading financial institution in Dublin. Over the past three years, this trend has been driven by an increase in the number of highly skilled professionals from India, particularly in sectors such as IT and healthcare. Many of these immigrants are eager to continue living in Ireland and are competing to buy homes at higher prices, despite the limited availability in the market.
While Indian immigrants dominate the market for first-hand home purchases, Americans and Chinese buyers account for the majority of rental property ownership. In July alone, the total value of approved mortgages reached €1.61 billion, with first-time home buyers accounting for over €1 billion of that amount. Brian Hayes, CEO of the Banking and Payments Federation, noted a 21% increase in both the number of first-time home buyers and mortgage approvals compared to the previous year.
From August 2023 to July 2024, a total of 49,384 mortgage approvals were granted, of which 30,550 were for first-time buyers. Additionally, applications to the Revenue Commissioners for the Help to Buy scheme rose by 45% to 23,902 in the first seven months of 2024.
Irish Samachar English News
{OR} Kindly click to follow the Irish Samachar News channel on WhatsApp