West Cork stirs interest

West Cork’s many attractions await discerning buyers, and there are signs overseas buyers are returning to the market, writes Trish Dromey.

SOME summer sunshine is set to add to the attractions of west Cork properties which continue to entice buyers and re-locaters with glorious sea views, rural tranquility — and greatly reduced prices.

Apart from being a series of micro-markets with unique variables and some key employment bases, such as Bantry and now Clonakilty, also with a decentralised Government department in the town adding to the Technology Park’s major jobs base, west Cork is almost a global brand, promoting its food, its relaxed way of life, and some of its celebrity residents as well.

Apart from its indigenous strengths for local and Irish buyers, it has also had a draw for Europeans for several decades, and it’s as multi-cultural a spot as you’ll find anywhere on the island of Ireland. It also is capitalising on its miles of truly spectacular coastline, with improvements in initiatives like long walking routes in Beara, Sheeps Head and Glengarriff, and improvements in leisure and marine facilities in places like Castletownbere.

One sub-set of buyers who’ve long had a love affair with west Cork, the British, had effectively been priced out of the market during the boom years of our Celtic Tiger; but now, many west Cork auctioneers say they are accounting for a significant percentage of activity, especially in the more scenic coastal locations such as Baltimore, Glandore, Union Hall and Roaring Water Bay.

Long-time west Cork residents and visitors include media celebrities like Jeremy Paxman, Graham Norton in Ahakista, and Carol Vorderman, as well as Jeremy Irons and Sir David Puttnam, who have integrated hugely into their adopted communities.

One Skibbereen agent noted that since Queen Elizabeth 11’s visit showed Cork in such a good light he’s now hopeful that this will give Cork inquiries and sales an extra boost this summer.

“Most sales are to people buying holiday homes with a view to retiring here. The attractions include falling prices, a new low rate stamp duty, and the rate for sterling. These buyers want rural properties with space, sea views if they can get it but — most of all — they are looking for peace and quiet,’’ he says, adding that in recent weeks he’s shown properties to six UK viewers, including some who retired to Spain and Cyprus — but now want to relocate to Ireland.

Roads to west Cork continue to improve and the new Cork-Dublin M8 motorway also helps channel buyers and visitors from up the country, shortening the route to Cork city and points west. Meanwhile, the return of the Cork Swansea ferry in 2010 has brought an increased number of visitors to west Cork, and there’s optimism that some of these will become buyers during the summer.

West Cork gets a large proportion of traders-down from all over this country and from further afield, especially those seeking a more pastoral life , with its spectacular finger-like peninsulas unmatched by any other part of the island, and many are just over an hour’s drive of Cork airport too. Non-nationals and even Irish ‘blow-ins’ make a strong contribution to the community, and to local economies.

Many typically spend between €100,000 and €300,000 on a house, and then spending further money locally on renovations and on shopping and other living expenses.

On the home market, one Skibbereen agent says that sales are still on the slow side, but the value is good once more for first-time buyers, and for holiday home buyers who have access to finance. They’ve now got more choice available than for many years past.

Another sales agent in west Cork finds UK buyers seem to be spending a bit more this year than they were last year: “they are typically buying traditional cottages with a bit of land, they don’t want anything in housing estates,’’ he says, noting that many now have an upper price limit of €300,000 which is an increase on the figure of €200,000 last year.

First-time buyers in places like Skibbereen (now getting a new arts centre) have the choice of three-bed semis in the town and area for €150,000, and prices like that may lure more mainstream footloose Irish buyers down west.

A Skibbereen agent remarks on an increase in sales to Dublin buyers: “We’ve had sales to buyers from Dublin and a few from Cork city who are buying holiday homes with a view to retiring to west Cork.”

Back near Clonakilty, one person in the sales front says that, along with the UK buyers looking to retire to west Cork, he’s seen an increase in young couples wanting to settle in the area because of the clean air and the slower pace of life. “These are buyers who are not dependant on Ireland for an income and are often involved web-based companies,’’ he observes

A first time buyer in Clonakilty can get a three bed semi for €170,000 or a two bed apartment for €105,000, but activity levels here are low, currently.

While sales of higher price houses and holiday homes aren’t remarkable, he insists that there are some Irish buyers with money, looking for value. ” If you have a spectacular house, which offers good value, it will sell,’’ he asserts.

Another agency selling in both Clonakilty and Kinsale notes an increase in sales to French buyers. “We’ve had increase viewings to UK buyers and a few French buyers,’’ he says adding that quite a few derelict cottages are now being sold to Irish buyers who are doing them up with a view to resale. Typically the buyers spend between €80,000 and €100,000 on these, although he says derelict cottages in coastal locations with sea views are making more.

In Kinsale, higher priced properties aren’t moving , but the lower price houses are selling away. ” You will now pay between €140,000 and €170,000 for a three-bed in Kinsale, although at present sales in Clonakilty are a bit stronger and demand is a bit better.”

Another positive factor in west Cork is that sales of agricultural land are doing well because farmers who are doing well are among the few who are still able to get finance from the banks.