Goffs Property
Specialists in selling and sourcing stud farms, country homes & agricultural land

Property News


What does Brexit mean for the Irish Property Market?

Whilst there are a number of schools of thought regarding the effects Brexit might have on the Irish property market, it is fair to say no one can be completely sure what the fallout is likely to be, good or bad.

History has taught us that when uncertainty enters into the financial markets, one the first sectors to be affected is the property market.

So if we were to look at possible negatives; an adverse effect on consumer confidence may well occur with the potential knock on being a slowing down of the property market. However, when this happened before, we were in a very different place with oversupply and overpriced property. Irish property today still represents good value and undersupply of property ensures demand is plentiful.

Last year saw a large number of UK buyers of country property taking advantage of the strong sterling rate so the initial shock reaction to Brexit, causing a weakening of sterling could lead to a reduction of UK buyers in the long term. However demand from international and American purchasers has increased significantly this year. With both the Euro and Sterling feeling the effects of Brexit, international buyers could view this as a time to change their foreign currency.

Brexit may even have a further positive impact as firms transfer high value roles from London that require a European base to Dublin which would boost demand for higher-end residential product."

Interest rates in the Euro area are now likely to remain low for longer than previously expected.  This, together with lower than expected returns on alternative assets like deposits and bonds, will help purchasing power. In addition, the prospect of prolonged low interest rates should continue to attract investors into bricks and mortar.

So overall, with the exception of added uncertainty, it is still very difficult to measure the effect Brexit will have on the property sector here. The reality is this may only crystallise when the full terms of the UK's exit from the EU emerge.

April Property Review

Superb Goffs UK Debut at Aintree

The debut sale for Goffs UK, the inaugural Aintree Sale, has made the best possible start in the famous Aintree Winners’ Enclosure with a strong set of results which saw six lots sell for in excess of £100,000.

Topping today’s trade was Milestone Stables’ four-year-old Samcro (pictured) who was sold to Gordon Elliott after a prolonged battle for £335,000. The son of Germany shares his sire with the Goffs Land Rover graduate Faugheen and was touted as a future star after his effortless debut Point-to-Point win at Monksgrange at the weekend. His sale headed a strong set of figures which saw the average finish at £103,333 and a turnover of £2,170,000.

In total 3 lots topped the £200,000 mark tonight and it was Gurtacrue Stables’ unbeaten Bumper winner Give Me A Copper who set the benchmark earlier in the sale when selling to Tom Malone for £270,000. Ballygelly Stables’ Black Op also attracted strong interest in the ring before selling to Roger Brookhouse for £210,000.

Group Chief Executive Henry Beeby commented:

“From the very first moment this sale was announced we got huge support from our vendors and we are very grateful to them for helping us stage such a successful Aintree Sale. In addition, the Aintree Executive, headed by Andrew Tulloch and Carly Goodall, could not have been more proactive in ensuring that the facilities were second to none for a boutique off-site sale.

“There is no doubt today has established the Goffs UK Aintree Sale as a significant date in the calendar and we look forward to building on the very solid foundations laid this evening.

March Property Review


As we come into the Spring / Summer selling season in the property world, we look back on how trends from 2015 will influence activity this year.

As stricter Central Bank lending requirements started to take hold following the first few months in 2015, the initial bullish activity that was seen from January started to slow by the end of the first quarter.

Prices continued on an upward trajectory until the second half of the year when sales, particularly in the Dublin area started to plateau.

By mid-2015, the lending requirements of large deposits and hefty income to loan requirements in effect put the brakes on the market overnight for a large portion of would be purchasers.

However, analyses of CSO figures and the Property Price Register for the first six months of 2015, show that 45-50 per cent of single property transactions were completed without a mortgage; indicating that the cash buyer never really went away. These purchasers are more prevalent at the upper end of the market in the €1 million-plus bracket. 

This holding scenario in the lower to mid end of the market is most likely a temporary adjustment as the market returns to more normal trading levels.

Ultimately it is believed the Central Bank regulations are a positive and are doing their bit to stabilise the market.

At the very high end, in country estates and €1 million-plus properties, there were fewer headline multimillion euro results last year, but transactions are up. There was a shortage of good quality country homes in accessible locations. Last year, demand here and at the higher end in Dublin was largely being driven by the international buyer availing of the favourable dollar and sterling exchange rates and perceived value here compared with similar properties in their own markets.

Family ties are still a deciding factor for the ex-pat community who continue to look for Irish country holiday homes until they ultimately make a move back here.

This year it is envisaged there will be single digit growth again - as the economy continues to recover.

As we settle into 2016, it has been estimated that households currently have €94 billion on deposit in the Irish banks and a considerable portion of this will find its way into property.

House fit for a Lord

Sumptuous 18th century mansion with river frontage comes to the market...

Castlehyde, the magnificent period home of Michael Flatley located in North County Cork has been placed on the market with Goffs Property this week.

The property is located on the banks of the River Blackwater, set within a magical estate of 150 acres of fishing rights.  The house, built in the 1760's has gone through an extensive restoration project of great integrity.  It is today, an outstanding testament to the owner's eye for detail, with the quality of the restoration evident in each room.

The estate gets its name from the Hyde family of which Douglas Hyde, first president of Ireland, was a member.  Well known guests who have been entertained at the house include Winston Churchill and Fred Astaire.

Complete with luxurious reception rooms, formal dining room, cinema, whiskey room, bar, wine cellars, music room, banquet hall, eight main themed bedrooms, swimming pool - A house fit for a Lord.

Full details www.goffscountry,com

Autumn Property Prices

The Autumn selling season is well under way and includes the sale of Cooliney House, a particularly attractive small estate on c.50 acres in Co. Galway.

Irish property prices rise in July 2015

Residential property prices rose by 0.9% nationwide last month, according to the latest figures from the Central Statistics Office (CSO).

The increase means residential property prices remained up 9.4% on an annual basis.

In Dublin residential property prices rose by 0.7% in July. Dublin residential property prices were 9% higher than in July 2014.

Dublin house prices rose by 0.6% in July whilst Dublin apartment prices increased by 2.7%.

Outside of Dublin residential property prices rose by 1.2% in July. Prices were up 9.6% compared with July 2014.

At national level residential property prices were 36.9% lower than their peak level in 2007. Dublin house prices were 36.3% lower than their peak, Dublin apartment prices were 40.6% lower than their peak and Dublin residential property prices overall were 37.9% lower than their highest level. Outside of Dublin residential property prices were 39.8% lower than their highest level in 2007.

June ezine

Foreign property buyers put down roots as Irish property market continues to improve,

Long-term international investors are buying into the revival of Dublin City….

Two of the biggest property sales in Dublin this year went to U.S.-based Starwood Property Trust and Germany’s Union Investment Real Estate GmbH, long-term investors from out of town. The deals mark a shift for Ireland, where private-equity firms, typically interested in flipping properties for quick returns, dominated in the immediate aftermath of the country’s financial crisis.

Long-term capital is replacing the short-term capital firm and this level of institutional capital coming from overseas “is new for Ireland,”

Starwood Property Trust, the biggest U.S. commercial mortgage real-estate investment trust, paid about €452 million ($508 million) for 12 Dublin office buildings and a multifamily residential property, according to the firm. It was the biggest property deal in Ireland so far this year.

Union Investment, an arm of German lender DZ Bank AG, last month bought two office buildings rented to Facebook Inc. for €230 million.

Starwood bought the Dublin portfolio—its second acquisition in a long-term investment strategy that started with a U.S. shopping mall portfolio last year—from U.S. private-equity firm Lone Star Funds.

In the last boom, the feeling was that essentially, we bought from and sold to ourselves, which distorted true real estate values.

Investment from overseas provides a benchmarking of property value here against other overseas property markets.

Although above activity is confined to Dublin at present, the knock on effect to property interest outside the capital is set to follow.

Ballycotton Stud, Ballycotton, Co. Cork

Ballycotton Stud on c.20 acres comes to the market in immaculate condition and presents a rare opportunity to acquire a beautiful residence on the edge of the stunning seaside village of Ballcotton. Further details are available at www.goffsproperty.com  

Stunning Period residence

Moynsha House on c.70 acres has just been placed on the open market with a price tag of €1,650,000. This period residence is presented in immaculate condition and comes equipped with excellent parkland and equestrian facilities. Further details at www.goffsproperty.com

Prime Pocket Placement for Goffs at the RDS

Goffs have extended their sponsorship support this year to the Discover Ireland Dublin Horse Show, where we had a prominent presence at the renowned Pocket overlooking the main arena.

The Dublin Horse Show has been associated with many legendary horses and riders over the years and we are immensely proud to be part of such a fantastic equestrian event in Ireland.

Arodstown Stables, Moynalvy, Summerhill, Co. Meath

Goffs Property have just placed Arodstown Stables, Co. Meath on the open market. Set out over c.80 acres of top class lands and considered one of the best training centres within Ireland. The property includes 70 boxes, 2 top class gallops, numerous turn out paddocks, 2 residences and a host of other excellent equestrian facilities. For further details visit www.goffsproperty.com   
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