Rising house prices could persuade Irish emigrants to return home
The government is hopeful that a number of Irish emigrants who left their country during the recession may soon be deciding the time is right to come home.
Figures from the Central Statistics Office reveal that emigration is down by 13% in the last year.
Taoiseach Enda Kenny said that he believes that in 2016 the number of people returning will be higher than the number of people leaving. This belief is down to the economic turnaround.
House prices have started to increase which will have a number of ex-pats considering buying property in Ireland, either as an investment or so that they can move back home.
It is considered to be a good time to buy as house prices look set to continue to rise.
The Euro is weaker than the British Pound and the American Dollar, which means that ex-pats who have moved to those countries will be at an advantage when it comes to saving for a deposit for a property in Ireland.
There is a mandatory deposit of 20%, although with some banks a deposit of up to 40% is required. It will be considerably easier for an ex-pat to get a mortgage if they have kept their Irish bank account open and in use.
This could be great news for Irish communities as so many people have been lost to emigration.
The latest figures, from Pew Research Centre, show that one in six people born in Ireland now live abroad. Many of these are from the younger age demographics.
The figures show that the majority of people who left Ireland made the relatively short trip across the Irish Sea to Britain. Over a quarter of a million Irish born people now live in British cities.
Other popular destinations are the USA, Australia, Spain and Germany. Over half (58%) of emigrants have said that they intend to return to Ireland at some point.
Many people who have emigrated long to return home. The value of a support network and familiarity provided by friends and family cannot be underestimated. Many parents also want to put their children through the Irish education system.