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Recovery detailed for Irish commercial property market | 11 January 2013

The outlook for the Irish commercial property market this year is ‘busy’ as 2012 represented a turning point for the market, reports property-magazine.eu.

Thanks to yields effectively doubling, rents halving and capital values/land values declining in price, 2013 could be a huge year for the Irish market as it looks to cement their ‘recovery mode’ status, adds propertywire.com.

In addition, as investors began to turn their attention to the Irish market due to a solid 2012 Budget, there was a ‘notable’ year on year increase in the volume of transactions in the investment, hotels and development land sectors.

The most notable trend of 2012 was the prevalence of international investors looking at real estate opportunities within Ireland, according to CBRE’s study. In addition, the greatest proportion of transactions concluded during the last 12 months were international in nature.

As a result, all figures point towards a “continued appetite” from overseas investors, many of whom have the ability to bring new forms and sources of funding with them according to Marie Hunt, executive director of CBRE Ireland.

Hunt also said there will also be continued activity in all sectors of the occupier markets.

“We also expected to see more corporate occupiers weighing up the merits of purchasing buildings as opposed to leasing them, particularly in cases where the price is lower than the replacement cost of the building,” she added.

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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