Asians top ranks of foreign first time buyers in Ireland

06-Mar-2007

Asian first time buyers, from countries such as India, China, Pakistan and the Philippines, have topped the league of foreign nationals buying a first property in Ireland, research reveals.

According to a study by the Irish Mortgage Corporation, although Irish nationals continue to dominate the first time buyer market, last year 40 per cent of first time buyers in Ireland were from Asia, reports Finfacts.

Joint second place - at 20 per cent each - was held by UK citizens and those from other areas of the European Union.

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"There is an unmistakable trend that foreign nationals are increasing their share of the first time buyer market in Ireland," said Frank Conway, director of the Irish Mortgage Corporation.

"However, Irish people are still the largest group in the first time buyer category by a ratio of almost four-to-one," he added.

Overall, last year Irish nationals accounted for 83 per cent of the Irish first time buyer market.

The Irish Mortgage Corporation was founded in 1990.

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