Wealthy Irish investors are continuing to invest in overseas property and deals of EUR 1 bn are not unusual, a tax partner at Pricewaterhousecoopers (PwC) Real Estate in Dublin has said. According to Enda Faughnan, PwC, Irish investment syndicates will continue to look for trophy property deals abroad, particularly in the UK and Western Europe.
Wealthy Irish investors are continuing to invest in overseas property and deals of EUR 1 bn are not unusual, a tax partner at Pricewaterhousecoopers (PwC) Real Estate in Dublin has said. According to Enda Faughnan, PwC, Irish investment syndicates will continue to look for trophy property deals abroad, particularly in the UK and Western Europe.
Speaking at a real estate business meeting, Faughnan, said, 'the Irish market simply cannot satisfy demand for these kinds of trophy deals, hence the move towards increased investment internationally.' However he also cautioned investors that they will have to pay more attention to risk and accept lower returns.
PwC ranks Paris and London as offering the best reward/risk opportunities in Europe. The German cities of Munich and Hamburg have shot up the list to fourth and ninth respectively, but Madrid fell three places to seventh. Faughnan also noted a move to emerging markets such as Asia and Eastern Europe and, recently, to Latin America.