In our new Donegal property column, leading local estate agent Gareth McLarnon examines why there will always be a healthy demand for holiday homes in Donegal.
Brexit uncertainty may have injected a little caution into Donegal holiday home seekers but the county’s standing as the top destination in Ireland looks set to remain.
The dreaded ‘B’ word has struck fear into cross-border investors across a whole range of industries and it stands to reason that the housing market has not been immune.
The weakening of the pound against the euro in the days, weeks and months following the 2016 ‘leave’ vote in the UK did cause a severe dent in holiday home interest from the UK and Northern Ireland.
by Gareth McLarnon of Glen Estates
The market was very flat in 2016-17 due to the unpredictable currency fluctuations, however, the situation has stabilised in the last 12 months and confidence in the market has increased.
Glen Estates has experienced unprecedented demand for holiday homes in Donegal this year. Personally, I’ve agreed the sale of eight holiday homes in the county since St Patrick’s Day.
The great value available in Donegal property coupled with the massive wave of publicity, thanks to national and international media coverage of the county, has also helped steady the ship somewhat with inquiries continuing to come in – particularly from within the Republic of Ireland.
After all, it’s not everywhere that can lay claim to being the National Geographic’s ‘Coolest Place on the Planet’, the new home of Star Wars and to hosting the most sun-soaked Irish Open in recent memory.
The statistics don’t lie when it comes to the Irish holiday home league table. Figures released by the GeoView Residential Buildings Report, published by GeoDirectory, show Donegal still leads the way – by a country mile – in holiday homes compared to the rest of the country.
Dunfanaghy is a hot spot of holiday homes.
With holiday homes making up 11.4 per cent of all residential buildings in the county, we are streets ahead of second-placed Wexford (7.7%) and US-tourist heavy hotspots of Kerry (7.1%) and Clare (6.7%).
Donegal’s has a higher proportion of holiday homes than any other county in the country – and for very good reasons.
The rugged beauty of our rural landscape, stunning Wild Atlantic Way coastline and world-class golf venues are among the key tourism drivers that have always been a big draw for holidaymakers.
Thousands of weekenders travel throughout the year to the county. Many are destined for holiday homes strategically placed for play in hotspots like Dunfanaghy, Downings and Rathmullan while others are isolated for serenity in rural locations scattered around the county’s remote hillsides and lakelands.
The proximity to the urban centres of Northern Ireland has played a very central role in the tourism fortunes of Donegal throughout the decades. Since the heyday of the light railway systems across Northern Ireland into Donegal, the county has been the playground for our Northern neighbours to enjoy the beaches, the fish and chips, the ice cream and much more.
That cross-border love affair continued through the Troubles and out the other end. Even amid the inflated housing costs of the noughties boom, the holiday home market in Donegal enjoyed investment in pleasure and relaxation from our friends in Belfast, Derry, Strabane, Enniskillen and beyond.
It occurs to me that – although there may be the odd blip from time to time due to one economic uncertainty or another – Brexit, whether hard or soft, will never dampen the spirits of the Donegal-bound holidaymaker.
Their love for the county is resilient, they’ve got Donegal in their bones. For that reason, I see no real long-term damage to the holiday home market as a result of Brexit.
Our much-loved landscape is still well on top as an Irish holiday home destination and that looks set to continue whatever the political landscape looks like.
Gareth McLarnon is Director of Glen Estates, Donegal’s fastest growing estate agents. He has worked in the property industry in Donegal for almost 20 years. Gareth is always available for expert advice on buying, selling or renting property in Donegal. Get in touch today on +353 74 910 2220 or info@glenestates.ie
