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Property sector in Ireland set to Recover

According to a recently conducted survey by CBRE, the outlook for 2013 seems to be more optimistic again after the unexpected crisis which began in 2007.

2012 did not inspire optimism as yields nearly doubled, rents halved, capital values went down by an average of more than 65% and land values declined by around 90%. 

However, 2013 should bring us hope again, but only for prime properties, because it seems that for the secondary market capital and rental values decline a little bit more this year. Nevertheless, if we look at the latest figures from the Central Statistics Office the rate of decline is slowing down.

Residential properties in Dublin cost around 56% less than in the year 2007 when they reached their summit. In other parts of Ireland, prices were 47% higher in 2007 than today.

The stabilisation of the real estate market in 2013 should lead to an increased attraction of buyers due to the low prices.

For Ireland, the market conditions will be influenced not only by domestic economic activity but also by the performance in the UK, continental Europe and in the US. 

International buyers are becoming more and more interested in sites in Dublin. There also seems to be more interest in pub properties, with most of the owners being locals.

 

Fingers crossed that these recent researches are right. We can all just hope for the best!

 

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