Key Takeaways.
| Issue | Summary |
|---|---|
| Headline vs Reality | Irish media highlights an increase in €1m+ home sales with “US buyers swooping in.” The optics look bad, but the story is more complex. |
| Inflammatory Optics | In a housing crisis, news of foreign buyers buying up more luxury homes is indeed tone-deaf – even if these sales don’t directly compete with entry-level housing. |
| Restrictions Abroad | Countries like Canada, New Zealand, Singapore, and Denmark restrict or heavily tax foreign buyers to protect affordability. Ireland has no equivalent limits. |
| The Mirror | Irish buyers also buy homes abroad (Spain, Portugal, France), sometimes worsening affordability issues in those markets. Hypocrisy cuts both ways. |
| Missing Detail | “US buyers” is a vague label. They could be institutional investors, diaspora returnees, or wealthy retirees. Without clarity, anger risks being misdirected. |
| The Real Culprit | Ireland’s systemic failure to deliver affordable housing at scale, weak regulation of investors, and slow planning reform matter more than any US millionaire. |
| The Solution | Build supply, reform policy, embrace modular housing as mainstream; and avoid scapegoating foreigners while ignoring deeper structural failures. |
A Headline That Strikes a Nerve.
On August 26, 2025, The Independent ran an article with the headline “Sales of €1m-plus homes soar across Ireland as US buyers swoop in.” Read the article HERE.
Now it did exactly what headlines are designed to do: grab attention, spark outrage, and drive clicks.
At face value, the story was simple. Between April and June this year, 140 homes valued over €1m were sold across Ireland – a 67% increase at this same time last year. Many of these, the article claimed, went to buyers from the United States.
In the middle of a housing crisis, where:
- young Irish families cannot afford a modest starter home
- young Irish talent continues to emigrate
- and homelessness figures continue to rise – the optics do not look good.
Wealthy Americans swooping in while ordinary Irish citizens are locked out? It’s a narrative tailor-made for frustration. And I nearly took the bait.
But scratch beneath the surface, and the picture is more complicated.
- Who are these US buyers really?
- Do their purchases actually impact ordinary homebuyers?
- And most importantly, is foreign wealth the real culprit; or just a distraction from Ireland’s deeper policy failures?
1. The Optics Are Bad; Even If the Reality Is Different.
Let’s be honest – wealthy people buying luxury homes is not unusual. It happens in every country. Ireland has a relatively affordable luxury stock compared to London or New York, and that makes it an attractive option for overseas buyers. Add in strong rental yields in urban areas and Ireland’s unique ability to attract diaspora communities, and the demand makes sense.
But timing does matter.
This would not be an issue during times of prosperity such as the Celtic Tiger. But right now, tens of thousands of Irish residents are:
- Struggling to save for deposits as rents continue to rise.
- Stuck on housing waiting lists that grow longer every year.
- Watching friends and children emigrate because they cannot see a future in Ireland’s housing market.
Against that, headlines about “US buyers swooping in” do add salt to injury. Even if these €1m+ sales may not compete with entry-level homes, they do reinforce the perception that the market is rigged in favour of outsiders and elites.
2. Should Ireland Limit Foreign or Investor Purchases?
This raises a practical question – should Ireland introduce limits on foreign or institutional ownership of housing?
Many countries already have measures in place:
- Canada – Introduced a temporary ban on most foreign homebuyers in 2023 to cool its overheated market. Read HERE.
- New Zealand – Since 2018, most foreigners cannot buy existing homes (with some exceptions). Read HERE.
- Denmark – Non-EU citizens need government permission to purchase property. Read HERE.
- Singapore – Foreigners face additional stamp duties of up to 60% on residential property purchases. Read HERE.
Ireland, by contrast, has no such restrictions from what I could find. Institutional investors have been free to buy up entire blocks of apartments, often leaving ordinary buyers unable to compete.
Would such policies work here? Possibly, targeted restrictions on non-EU institutional investors, or higher stamp duties on bulk purchases, are possible.
The bigger challenge is political will. Ireland has long depended on foreign investment, and politicians are deathly afraid of scaring away capital. But at what cost?
3. The Mirror Abroad – Irish Buyers in France, Spain and Portugal.
Before pointing fingers at wealthy Americans, though, we need to acknowledge something uncomfortable – ordinary and wealthy Irish buyers do the same abroad.
Many Irish citizens own homes in Spain, Portugal, and France, often because local property is cheaper relative to Irish wages. In regions like the Algarve or the Costa del Sol, foreign buyers (including the Irish) have been accused of driving up prices and squeezing locals out of their own markets.
So yes, there is a degree of hypocrisy in railing against US buyers in Ireland while not talking about Irish ‘bargains‘ abroad. Property markets are global, and wealth flows both ways.
4. Who Are the US Buyers Really?
Here’s where the article falls flat in my opinion: “US buyers” is an umbrella term so vague it borders on meaningless. Without clarity, it risks directing public anger at the wrong targets.
US buyers could be:
- Institutional investors – (private equity firms, REITs, hedge funds) bulk-buying rental stock.
- Wealthy individuals – looking for second homes or investment properties.
- Irish-Americans – with ancestral ties, buying holiday or retirement homes.
- Professionals relocating – for tech or pharmaceutical jobs.
Each of these has very different implications. Institutional investors snapping up blocks of apartments are a genuine threat to affordability. A handful of Irish-American families buying heritage properties? To be honest, I’m not so sure.
The article never distinguishes between these groups. Instead, it creates a sweeping narrative that risks directing resentment against ordinary Americans.
5. The Real Culprit – Housing Policy Failure.
Whether it’s wealthy Americans, Irish abroad, or institutional investors, the real driver of Ireland’s housing crisis is not foreign wealth. It is housing policy failure.
- Failure to build enough homes – Despite Ireland’s population growth, the state consistently undershoots the supply it promises to meet demand each year.
- Over-reliance on private developers – Social and affordable housing delivery has been largely outsourced to private developers, prioritising profit-driven supply over long-term public need
- Weak regulation – Institutional investors are allowed to bulk-buy apartments while young families were priced out.
- Planning delays – Inconvenient planning systems, appeals, and judicial reviews at both local and national levels can mean housing projects take years to both approve and complete.
So in short, foreigners are an easy scapegoat. But the crisis is home-grown.
Successive governments have failed to treat housing as a public good, prioritising financialisation and short-term profits over long-term stability.
Modular Housing – An Untapped Opportunity.
Here is where my ongoing advocacy matters. While Ireland continues to worry about wealthy US home buyers, modular social housing remains marginalised.
Instead of bringing up modular as a mainstream construction method, the government still frames it narrowly; as backyard cabins for elderly downsizers. This is a failure of imagination and urgency.
- Modular techniques can deliver estates, terraces, and apartments MUCH faster than traditional builds.
- With proper planning and oversight, large projects could be cheaper by 10–20% and can be scaled nationally with factory capacity.
- They are sustainable and produce less waste. This is mainly due to factory efficiency and use of fewer raw materials, which aligns with climate goals better than traditional homes.
I still strongly believe that if the government commits to modular as mainstream, headlines about US millionaires would matter far less, because more ordinary Irish families would actually have dignified, affordable homes.
Conclusion.
The Independent.ie headline about US buyers swooping in on €1m+ homes is a distraction.
Yes, the optics are bad.
Yes, foreign wealth can distort markets.
But the deeper truth is this: Ireland’s housing crisis is the result of political choices, not foreign buyers. Blaming outsiders risks misdirecting anger, letting government off the hook, and ignoring the urgent need for tougher structural reform.
The real solutions are clear:
- Embrace modular techniques and build more social homes at scale.
- Regulate institutional investors more tightly.
- Consider restrictions on bulk foreign purchases if necessary.
Until then, we’ll keep getting headlines that inflame anger without addressing the root causes.
