Irish commercial property market shows signs of recovery | 29 October 2013
The Irish commercial property market is beginning to find its feet again, according to new figures.
An analysis released by IPD/SCSI has indicated that average commercial property values rose across the country in the last quarter. The 0.3 per cent rise represents the first time property values have risen in six years.
A report by independent.ie cites tax reliefs in the recent budget, increased interest from foreign buyers and signs of growth in the economy as the main factors behind this change in fortunes. Additionally, many local investors are keen to take advantage of the market recovery.
Ireland’s first real estate investment trust, Green Reit, recently completed the acquisition of ten commercial properties. The company reportedly spent 178 million euros on what is its first investment since its stock market flotation in July.
Eight of the ten buildings are based in Dublin, where commercial property prices have jumped up by ten per cent in the last 12 months.
Stephen Vernon, a non-executive director at Green Reit, has hinted that there could be more investments on the way too.
Speaking to ft.com, he said: “This transaction confirms that liquidity in the market has risen dramatically, as we had expected. We continue to identify and evaluate a number of other attractive assets which meet our investment criteria.”
The views expressed in this post are those of the author and are not necessarily those of Qube Global Software. All facts are verified where possible directly by the author
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