Mainstreet global members had the opportunity in March to meet with Institute of Professional Auctioneers & Valuers (IPAV) CEO, Pat Davitt. IPAV is an association similar to Mainstreet of 1,400 members located in Dublin, Ireland. Mr. Davitt met with our Global Committee, where the topic of discussion was the real estate scene in Ireland and best business practices each Association can implement to enable our global practitioners to do business together.
One of the main points he covered with our committee was the continuing growth of real estate in Ireland. When asked about the effects Brexit would have on the real estate economy in Ireland, he stated that it was not hurting them. He added that although the, “cranes are back in Dublin,” referring to property going up quickly, that they did miss out on a few opportunities for larger companies to make Ireland their new home. While they did miss out on potential business, many people from Poland and Latvia have been immigrating to Ireland and purchasing real estate. It is said that around 400,000 Polish foreigners will be naturalized in the future.
While talking about IPAV and their future, we were told about their plans to use a new MLS platform starting this year. This will be huge when it launches, for it will be the first of its kind in their country.
A few other topics that received large reactions from the group was when Mr. Davitt talked about the typical 22-week closing transaction time and the 23% taxes that are built into the sale price. Both of those numbers that Davitt gave resulted in an audible, “wow” from the room.
In June, members of Mainstreet will be traveling to Ireland for an international real estate trade mission. While in Ireland, our members will be meeting with members of IPAV with the goal of creating closer ties and building business opportunities with our friends across the pond.
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