Big demand now for Irish owned overseas properties

IT’S been a long time coming but there’s finally good news for Irish owners of overseas properties.

Despite continuing stagnation in the European property market there’s now a big demand for good properties in prime locations from cash-rich Russians looking to develop their portfolios in sun drenched countries like Bulgaria, Spain, Portugal and Turkey.

Up to now, the difficulty has been matching up these potential buyers with Irish property owners but a Dublin based firm of overseas property experts is beginning to bridge the gap.

Extra Sales is one of the few companies involved in property that has actually grown during the recession, and the secret of its success is its expertise in Russia.

Last month Extra Sales staff attended the annual International Property Show in Moscow, where they made several new connections with agents looking for investment properties for wealthy clients.

Extra Sales regularly attend property and investment shows in both Moscow and St Petersburg and now has a lengthy list of buyers looking for the type of overseas properties that were selling like hot cakes in Ireland during the boom.

“There’s a huge demand for all types of properties,

? says Extra Sales listings manager, John Lynch.

“In fact we’re just about keeping up with demand and are on the lookout for more properties in places like Spain, Hungary, Bulgaria, Portugal and Turkey.

?

Extra Sales has already sold a number of Irish owned properties to Russian buyers but there are still hundreds, if not thousands, of Irish investors who believe there’s no way of selling on their overseas investment.

Some are now under severe financial pressure having borrowed to fund their purchase but just don’t realise there’s willing buyers on the lookout for properties in good overseas locations.

“Some of our Irish clients just didn’t know there was any way to sell their property but we’re looking for as many properties as we can get in the areas we’re working in,

? Lynch says.

“We’ve even more Russian buyers now after the recent shows in St Petersburg and Moscow. These shows are attracting the sort of attention that Irish property shows did during the boom years. But the big difference now is that a lot of these Russians are buying in cash.

?

In fact 70 per cent of sales to Russians are actually secured before a viewing is organised.

The buyers are looking for good quality properties in popular destinations. Many are attracted to sun-drenched resorts but properties in cities like Sofia and Barcelona are also attracting a lot of attention, and prices are holding up well.

Extra Sales has devoted most of its focus onto the Russian market, and has built up an experienced, multi-lingual team that can navigate the tricky waters of Russia’s property system and laws.

The company has strategic partners throughout all of Russia and suitable Irish and British owned foreign properties are marketed pro-actively to attract appropriate buyers at investment shows and private seminars.

A Russian language website has recently been developed to showcase properties to Russian investors and Extra Sales has plans to further expand its operation in the new year after moving to larger offices in Dublin’s exclusive Fitzwilliam Square and hiring more staff to cope with increasing sales during 2012.

It could all amount to some good news at last for overseas property owners in Ireland, struggling to offload their investment and faced with an increasingly shrinking pool of potential buyers in the west.

?¢ Extra Sales can be contacted on 01-4847033 or visit the company’s new website at www.extrasales.ie for more information.