Property market ‘at middle stage of upturn’
The two-tiered nature of Ireland’s economic recovery has been highlighted again in a new commercial property report.
The latest quarterly commercial property monitor from the Society of Chartered Surveyors Ireland (SCSI) found that only half of members nationally believe that the property market is at the middle stage of an upturn.
But that figure is far higher in Dublin – at 73pc of respondents.
The difference in perception between those based in the capital and those outside reflects the earlier economic recovery in the capital compared to rural areas.
Respondents said they expect to see robust rental growth in prime areas over the next 12 months, with Dublin unsurprisingly emerging as the strongest performer in terms of the projected increases.
In terms of the investment market, 34pc of respondents reported an increase in enquiries in the second quarter.
The supply of property for sale declined marginally across all sectors however.
Tenant demand increased across the office, industrial and retail sectors extending a run of sequential quarterly demand growth dating back to 2012.
Meanwhile, the latest global commercial property monitor from the Royal Institute of Chartered Surveyors (RICS) finds that sentiment in Europe is strongest, and stronger still in Ireland.
Its Dublin members were more optimistic than their European peers, with 69pc expecting strong rental growth in the next year.
Munich was the next most optimistic European city, with 61pc of respondents predicting robust rental growth.