Real estate in Ireland is currently one of the most lucrative and secure business ventures. The answer is yes, with the real estate sector being among the few sectors unaffected by the covid-19 pandemic. Real estate is the road to financial freedom in Ireland. Real estate as the road to financial freedom can be looked at in two dimensions: a tenant’s and an estate owner’s perspective.
First, let’s look at this from an estate owner’s direction. Renting houses in Ireland is getting more and more expensive by the days. The average price of renting a home in Ireland today is 30% higher than in 2018. This means that the Irish people in real estate are making a 30% increase in profits made from their investments. This is a lucrative business for the Irish people. Financial freedom might come with real estate in Ireland as it proves to be a venture that is unaffected even when the economy is adversely affected. In 2020, many Irish people lost their jobs to the pandemic, and the Irish economy went adversely affected. There was an expected drop in the demand for housing in Ireland alongside other sectors. However, the housing sector stood unaffected as people were still buying houses as usual. The only way for the housing sector in Ireland is up. Investing in real estate might therefore be the road to financial freedom in Ireland.
The second perspective is the tenant’s view. As earlier mentioned, the price of house rents in Ireland keeps going up over the years. Real estate could mean financial freedom for the Irish tenants because by owning their own houses, the tenants would be rid of increasing house rent prices. The earlier a tenant invests in developing their own home, the cheaper it is. This is because, as predicted, the house prices and the rent prices will only keep going up in Ireland. Tenants gain their financial freedom because on owning a house, one can invest the money that would have been used to pay house rent in other investments, which might prove profitable.
The last view is related to the Irish economy. The real estate sector is one of the Irish sectors that were not affected by COVID-19. This was one sector that ensured that the Irish economy did not hit rock bottom during the pandemic. If the real estate sector survived the storm, how would it perform under normal conditions in 2021? The real estate sector is promising to the Irish economy. The financial freedom would be felt by landlords and the tenants, and the whole Irish economy.