Irish favour Spain and France for second homes

THE foreign property market has boomed in recent years, helped by the emergence of direct and cheap flights throughout Europe and beyond.

The Revenue Commissioners have said they will concentrate their investigations on Spain and France as there have been “significant property transactions” by the Irish in these countries.

However, countries like Portugal, Hungary and South Africa have also become attractive to investors and are regularly advertised.

It is estimated more than 25 Irish agencies are now selling overseas properties.

More than 25,000 Irish people are thought to have bought second homes in Spain over the past five years.

However, prices in Spain are rising, and it is very difficult to buy anything near the beach on the Costa Del Sol or in the favourite Irish resort of Alicante for under €150,000.

Hamilton Osborne King is selling apartments and villas in Murcia, an hour south of Alicante, for €170,000.

Buyers on a budget have started to look to areas like north of Barcelona, where run-down farms are selling from €40,000.

In France, Hamilton Osborne King is selling two-bed apartments in Fleury-les-Aubrais, in Orleans, for €123,500.

For something more glamorous they have studios and one-bed apartments in Beausoleil with sea views of Monte Carlo for €196,000.