James Dyson's €35m Ballynatray House buy tops dynamic year for Irish country estates
The James British €35m At House Dyson, Topped Magnate House Sales Cleaner By Vacuum Bought Country Ballynatray
The first quarter of 2024 proved to be an eventful period in the Country Homes market, with several significant sales finalised. Among them was the top sale of the year — Ballynatray House on the Cork/Waterford border on approximately 850acres reported to of achieved in the region of €35million to British vacuum cleaner magnate, James Dyson.
Ballynatray House is located on a bend in the river Blackwater, where the river is at its most expansive. It is understood to have been sold off-market last February, making it the most valuable transaction to have taken place this year.
Another notable sale was Dowth Hall in County Meath on approximately 552acres, which sold to the National Parks and Wildlife Division of the OPW for €11million, and Killough Castle in Thurles, Co. Tipperary on approximately 527acres, which achieved a price exceeding its €6.5million asking price with active competition.
Other notable sales in the Munster area include Seaspray, Scilly, Kinsale, Co. Cork, reported on the Property Price Register at €5.5million. Valley House, Sandycove, Kinsale, Co. Cork, sale price €4.99million as per the Property Price Register. Glebe House, Landsend, Dungarvan, Co. Waterford at €3,704,850 according to the Property Price Register.
Kennitt House, Rochestown Road, Douglas, Co. Cork, sale price €3million as per the Property Price Register and Over Yonder, Ardbrack, Kinsale, sale price €2.9million as per the Property Price Register.
The segment of the market ranging from €800,000 to €1.5million was particularly dynamic, with competitive bidding driving sales prices well above asking prices. This was largely due to the limited availability within the country homes market. One example of this is The Castle in Ballybrittain, Co. Offaly, with an asking price of €975,000 received interest from all over the world and with competitive bidding achieved well in excess of its asking price. The reason for this, was that it was pitched below the round figure of €1million, it was in excellent condition with significant history and elegance.
This year, U.S buyers were less active, a trend commonly observed during their election years as they wait for political outcomes before making a decision to buy outside of the U.S. Conversely, UK buyers made a notable return to Ireland’s country homes market. Concerns over changes from the UK budget and a sustained preference for rural living have encouraged many to consider Ireland as an appealing alternative. The attractiveness of a EU passport is also very appealing, together with our excellent schools and third level education.
Irish buyers were especially prominent this year, often motivated by recent financial gains from business sales or a desire to move away from city life to quieter, more tranquil rural settings.
One persistent challenge has been the low inventory levels in the country homes market. Many potential sellers are hesitant to list their properties until they have secured a replacement, which can be challenging given the scarcity of available stock.
To address this, many vendors opted for private sales. By leveraging our database of qualified buyers, we facilitated discreet off-market transactions. This approach offers numerous benefits: sellers retain privacy and enjoy flexible closing arrangements, while buyers avoid the stress of competitive bidding, often agreeing to pay a premium for such exclusivity.
The most sought-after country homes typically feature proximity to international airports (within 1 to 1.5 hours), are period properties, and come with at least 10 acres of land. Prices for these homes vary widely, ranging from €800,000 to over €30 million, depending on the property’s attributes.
The farmland market has remained relatively stable despite several challenges, including reduced milk prices, tight margins in tillage farming, and adverse weather conditions. High operating costs in the agricultural sector have further widened the disparity between premium properties and more basic farmland.
However, these challenges have had little impact on international buyers or business professionals seeking estates with extensive acreage—such as 300-acre properties that feature period homes.
(Source: Sherry FitzGerald Agricultural Land Price Barometer Analysis)
Agricultural land prices experienced significant growth in 2022 and 2023, with increases of 10% and 11.5%, respectively.
In the first nine months of the current year, prices rose by 3.5%, indicating a transition to a more sustainable rate of growth. The average price per acre of general farmland now stands at €12,342.
The moderation in growth this year can be attributed to several factors, including farmers’ cautious approach in light of nitrate regulation concerns, uncertainties surrounding changes to derogation policies, reduced farm incomes, and a limited supply of land available for purchase, which has constrained market activity.
We expect 2025 to be a busy one, especially if the recent level of enquiries from the U.S continue and that they these enquiries turn into viewings. We would be hopeful that supply will open up too, to facilitate the buyers that are eagerly sitting on our database ready to buy.