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Northern Ireland

Following decades of unrest and uncertainty, Northern Ireland is at last emerging from the shadow of its violent past.

During the years of The Troubles, the region’s many good points –including beautiful coast and countryside, distinctive cultural traditions, numerous historic and other attractions, and excellent golf and fishing – were largely obscured (to outsiders, at any rate) by the volatile political situation, which, combined with other factors (among them the decline of such traditional industries as shipbuilding and textile manufacture), led to well-documented social problems and a poor quality of life for some.

Since the Good Friday Agreement of 1998, however, change has been rapid, and it is expected to be even more so following the restoration of the devolved Northern Ireland Assembly in May 2007. International confidence in the region is growing. Multi-national corporations are investing there, attracted by generous government subsidies. Tourism and the services sector are expanding, and regeneration programmes are underway. Northern Ireland is becoming a desirable place in which to live and invest.

Types of property

Like that of other parts of the UK, the region’s housing stock is varied. Terraced properties, townhouses and apartments are especially popular with first-time buyers and investors. Detached and semi-detached homes from a variety of periods are also available, as are bungalows.

Investment potential

As a result of recent price hikes, Northern Ireland has become the fourth most expensive region of the UK in which to buy property. Contributory factors include increasing employment, growing immigration, and the ripple effect from the Republic of Ireland’s thriving economy. While such dramatic increases are unlikely to continue, there is still room for growth, provided you choose your location carefully.

The region’s buy-to-let sector has grown rapidly, comparatively modest prices having resulted in heavy demand from investors based in the Republic. In some areas, there is concern about saturation and the effect that competition between aspiring owner/occupiers and investors is having on other parts of the property market.

Key areas to consider for buy-to-let investment are those offering a guaranteed supply of tenants. One such is Coleraine, regional centre of North East Ireland and location of one of the University of Ulster’s five campuses. During the last decade, the town has benefited from a new shopping centre, hospital, civic centre, and bus and rail interchange. As a bonus, it is close to the Causeway Coast Area of Outstanding Natural Beauty, with its Blue Flag beaches and championship golf courses, and so attracts tourists.

Popular buying locations

Belfast, as befits Northern Ireland’s capital and largest city, has some of the region’s most expensive property, particularly in its southern and eastern suburbs. The ambitious regeneration programme now in progress makes further price rises likely. Projects include construction of the Titanic Quarter, where homes, businesses, leisure facilities and tourist attractions will replace around 200 acres of former shipyards, forming one of Europe’s largest waterfront developments.

Towns with good links to Belfast and other key centres are also seeing rapid growth. In Newry, south of the city, for example, prices have rocketed, thanks in part to a booming buy-to-let market. Within commuting distance of both Belfast and Dublin, by road and rail, the town remains more affordable than either.

On the back of Newry’s success, property in nearby towns like Banbridge and Rathfriland is becoming sought after. Other locations popular with Belfast commuters include Antrim, Lisburn and Ballymena, all of which have seen hefty price increases.

Londonderry (or Derry), Northern Ireland’s second largest city and the economic centre of the north west, is also gaining in popularity.

Up-and-coming areas

As in other UK regions, towns with good or improving transport links to major centres are the ones to watch.

Just 40 kilometres south west of Belfast city centre, on the shores of Lough Neagh, Craigavon and its surrounding areas have seen property prices rise by around 50 per cent in the last year. As well as excellent road and rail links to both Belfast and the Republic, Craigavon has good shopping and leisure facilities, plus the largest concentration of manufacturing industry outside Belfast and a number of public sector employers.

At the head of Strangford Lough, 16 kilometres east of Belfast, is Newtownards, where prices have risen similarly to Craigavon’s. Once a peaceful market town, it is now a vibrant commercial and manufacturing centre, with good transport links, leisure facilities, shops and restaurants.

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