“Nestled amid East Cork’s woodlands, the luxury 5-Star Castlemartyr Resort is a destination richly steeped in Irish history and tradition. Situated on 220 acres, Castlemartyr Resort consists of a grand 18th Century Manor House that sits adjacent to the ruins of an 800-year-old-castle.”
This is the description of Ireland’s stunning Castlemartyr Resort from its website. Located in my home county of Cork and dating back to a 1210 property built by the Knights Templar, this historic hotel opened to the public in 2008 and has since become one of the signature luxury hotels in southern Ireland.
Guests can make use of the high-end spa, eat at the two-star Michelin restaurant Terre, play a round of golf on the 18-hole, Ron Kirby-designed inland links-style golf course, and take a stroll around the impressive grounds.
Kanye West and Kim Kardashian famously overnighted at Castlemartyr while on honeymoon in Ireland in 2015. Bruce Springsteen and Bill Clinton have also stayed here over the years.
Castlemartyr, then, is a place of luxury, history, and refinement.
So, why is it that you can buy a well-appointed home on the grounds of this estate (and other luxury Irish estates like it) for less than the price of a typical home in the surrounding area?
The answer has to do with a quirk in my home country’s real estate market…one that you need to know about if you’re interested in owning a vacation home in Ireland.
With its perfectly landscaped gardens and idyllic setting, Castlemartyr has hosted the worlds rich and famous. But it’s possible to buy a home on the grounds of this resort without that millionaire’s budget.
Castlemartyr is about a 30-minute drive from Cork city and about 40 minutes from Cork airport. The town of Midleton, famous for its whiskey, is less than 15 minutes away and you can be on Garryvoe Beach in under 15 minutes.
All this is to say, Castlemartyr is an incredible location if you were looking for a base in the south of Ireland.
But Castlemartyr isn’t just a hotel, it also has a residential community, and I recently came across a home for sale here.
The listing was for a two-bed, three-bath townhouse, within the grounds of the resort, with 1,500 square feet of living space, an open-plan kitchen/living/dining area, and a deck at the back of the house that overlooks the resort’s communal walled garden. It was on the market for an incredible €265,000. Oh, and it comes furnished.
The two-bed townhouse (second house from the right) is in the stunning grounds of Castlemartyr estate.
When you consider that the average price of a home in county Cork is just over €297,000, this seems like a screaming deal. Especially when you take into account its prestige location.
Here’s why the price is lower than you might expect…
These homes are designated as holiday (vacation) homes, which have a different set of rules around occupancy than a regular residential building. They were built under different planning permission (permits) to regular residential homes. They are deemed to be “holiday homes” and essentially granted permits on the basis that they will increase tourism capacity by forming additional accommodation at resorts like Castlemartyr.
In Ireland, that means you can’t live in a holiday home full-time (although this rule is largely ignored). The rules around how long you can stay vary, but you can typically spend up to six months a year in the property. And with it being a holiday home, you can rent it, short-term, when you’re not using it.
I should say here that most homes in Ireland that are considered holiday or vacation homes do not come with these conditions, but the ones we are talking about here today, do.
In order to be able to live in these holiday homes full time you’d need to change the planning permission status. This can be difficult to achieve, as outlined in this news article from 2022 which saw an application to change a holiday home into a permanent residence.
This is a particular quirk in the Irish market that I’ve seen before.
Just 25 minutes west of Castlemartyr is the Fota Island Resort. This is my base when I’m spending time in Ireland each summer. Fota has a similar setup to the one at Castlemartyr, the hotel (also 5-star) is the anchor property with a spa, restaurant, golf course, and there’s also residences here too.
Late last year, an end-of-terrace lodge in Fota hit the market. It has two bedrooms (both en-suite), guest bathroom, living/dining area with double doors that opened to an outside patio area, and a fully fitted kitchen.
Fota is on the doorstep of Cork City, about a 20-minute drive. The average sales price of a home in Cork City is €364,000. Yet this home in Fota was listed for just €285,000. All because it’s a holiday home, with the same rules as the townhouse in Castlemartyr.
An end-of-terrace holiday home in the Fota Island resort was on the market for €285,000 in November 2024…it has since sold.
Another quirk of holiday homes in Ireland is that you can’t get a normal mortgage to buy them. Now, there are lenders who will finance a holiday home purchase, but beware it is more complicated than a regular mortgage, especially if you’re non-resident in Ireland. And the rates can be higher.
The bigger point, though, is that holiday homes are complete outliers in the Irish property market.
Looking online, it’s difficult to find a townhouse nearby the Castlemartyr resort of the same quality and size for that price. The most comparative is probably this two-bed, three-bath townhouse in the town of Midleton. Its smaller than the Castlemartyr property at 980 square feet, has no garden, just small patio to the front, and is on the market for €236,000. I also came across a new development of townhomes, also in Midleton, that have prices starting at a whopping €450,000.
And remember, none of these properties have the incredible setting and amenities that Castlemartyr has right on your doorstep.
That Castlemartyr listing disappeared quickly. Holiday homes in resorts like Fota and Castlemartyr occasionally hit the market…but not often. And when they do appear, they generally attract a lot of attention. When previous properties in Castlemartyr have come on the market, local real estate agents saw “three or four parties” take part in the bidding process.
So to find an opportunity like this, you need to watch Ireland’s main listings sites (Daft and Myhome) carefully and be ready to act.
Still, if you’re looking for base in Ireland, a place to spend a few weeks or a few months each year, a home like those I pointed out above offer a great value proposition.
Here’s some others resorts to keep an eye on, in addition to Castlemartyr and Fota Island, with homes like these across a range of price points…
- Faithlegg House Hotel and Golf Resort (Co. Waterford)—Faithlegg is a 4-star country house hotel and golf resort on a 200-acre estate by the Waterford estuary in southeast Ireland. Within its grounds, a holiday home development offers residences ranging from townhouses to detached lodges. Past resales have listed in the mid- to high €200,000s.
- Adare Manor Golf Resort (Adare, Co. Limerick)—Adare Manor is a five-star manor hotel and golf resort in Co. Limerick, set on an 840-acre estate that will host the 2027 Ryder Cup. It’s a place well-known to me. I previously lived here. Inside its gated grounds are Adare Manor Villas—a collection of private holiday homes adjacent to the championship golf course. Last year, a four-bedroom villa in this community sold here for €501,000.
- The K Club (Co. Kildare)—The K Club is a 550-acre, 5-star resort in county Kildare, famed for its two championship golf courses (Palmer North & South) and as host of the 2006 Ryder Cup. Within its gated grounds is Ladycastle, an exclusive development of residences. A 3-bedroom detached home was recently on the market here for €795,000.
Wishing you good real estate investing,
P.S. Do you have a question about a particular overseas real estate market? Or do you have any thoughts/suggestions/feedback on the locations you hear about here in Your Overseas Dream Home? Drop me a line here, I’d love to hear from you.
Here’s a question I recently got from a reader…
Tom S. asks: Ronan, I was wondering if you are planning any Real Estate Trend Alert deals in the Huatulco/Puerto Escondido area? What are your views on this area as a place for a permanent residence and/or rental opportunities?
Ronan says: Hi Tom, and thanks for your question. Last April, I scouted Oaxaca state on Mexico’s stunning Pacific coast—where Puerto Escondido and Huatulco are located.
Touring the beaches around Puerto Escondido, I couldn’t remember the last time I scouted a place with so many breathtaking, unspoiled beaches and such immense potential. I was blown away by what I found. You can find my scouting report here.
A photo I snapped during my visit to Puerto Escondido last April. The potential here is incredible.
I returned to the region in November, and I was even more convinced of its potential.
Puerto Escondido (whose name means Hidden Port) has got a stunning coastline and amazing beaches. But because it’s long been inaccessible, it’s been overlooked and frontline real estate hasn’t been taken over by resorts, hotels, high-end communities, and top-class restaurants, unlike so many other places along Mexico’s Pacific and Caribbean coasts.
But now a Path of Progress is about to make this real estate more accessible. Huge numbers of new visitors will come on the new highway and through the new airport.
The stunning coast of Puerto Escondido is well known to hippies and surfers. Now, word is getting out about this pristine coastline…
Is there a deal to be done in Puerto Escondido? A lot has to happen before we reach that point.
But the potential is there. I’ll continue to track developments here closely…and look for a deal. RETA members will be the first to hear about anything I uncover. (If you’re not yet a RETA member, but want to be the first to hear about new deals on the beat, you can join here.)
