The Irish culture is well represented in the Chicago area, from nightlife and restaurants to high-ranking politicians and religious leaders, not to mention the infamous parade on the south side (widely considered one of the largest Irish gatherings outside of Dublin).
You can imagine, then, that when the Immediate Past President (he “turned over his chain” just a week before his visit) of the Institute of Professional Auctioneers & Valuers (IPAV), Brian Dempsey, scheduled a visit to Chicago this summer, he was a popular guest at the local REALTOR® associations.
Mr. Dempsey visited the Chicago Association of REALTORS® (CAR) and then the Mainstreet Organization of REALTORS® (MORe) in mid-June. He addressed two well-attended audiences, and he did not disappoint! A very entertaining and engaging speaker, he provided excellent information on Ireland’s economy, the real estate market, how business is transacted, Brexit, and future trends forecast.
The Irish real estate market is as interesting and complex as ours here in the United States. Their economy has followed a similar pattern, experiencing a market downturn shortly after ours and beginning to rebound right around the same time. Rental properties are scarce and therefore extremely competitive, particularly in the more popular tourist areas. We learned that Ireland does not have buyer’s agency, which explained why one audience member was having a difficult time finding an agent to help his clients who are relocating there!
Mr. Dempsey also provided an update on BREXIT, indicating that while much remains to be seen in terms of specifics, the country is already bracing for the impact of the stronger border between two countries. Projections indicate that new bureaucracy and border policies could cut trade between Ireland and the UK by almost 10 percent after Brexit, and the changes not only in trade of goods but the way people enter and exit the countries will likely change the real estate landscape. Until specifics are announced, it will be difficult to project the specific impact but stay tuned, as the rest of the world will also feel its effects.
My biggest takeaway of the day? In a live audience of about 40 people, located in Downers Grove (a suburb about 25 miles from Chicago), two audience members have current clients actively looking to purchase property in Ireland this year. No matter what transpires on the global stage politically, economically, or otherwise – global business will be in just about every room you could find yourself in these days. Connecting to your area’s Global Business Council and attending events such as this will help put you in the center of the conversation and take advantage of the business opportunities around the world.
To hear Mr. Dempsey’s full presentation, click here.
To locate a Global Business Council near you, click here.
For more on NAR’s Global Alliances and Cooperating Associations, click here.