Time: 11am – 4.00pm

Date: Saturday 21^st February 2015

Venue: Millennium Gloucester, 4-18 Harrington Gardens, London SW7 4LH, London, UK

Appetite for Irish property set to continue

We will once again bring our Irish Property Show to London on Saturday 21^st February 2015. At the event which will be held in Millennium Gloucester Hotel from 11am-4pm, we will be displaying a sample of properties from all across Ireland and giving UK purchasers an opportunity to meet property professionals from several of their offices across the country in one day, and in one location.

Mary Dillon, head of Sherry FitzGerald Countrywide said “Ireland has moved on since the global downturn in 2007.  Nowhere is this more evident than in the Irish property market where prices, having fallen from an all-time high in 2006 by as much as 60% to a marked recovery that started with price stabilisation in 2012 and price recovery in 2013 continuing through to today.   This year the Irish economy is forecast to grow by 4.7%.  This is the fastest and largest economic growth of all European states including the major economies of Germany and France.  International investors are buying in Ireland because they see this recovery not just as a short term situation but one that is sustainable and will see growth continue into the future.

In Sherry FitzGerald we agree.  Over the difficult years of the global recession we continued to promote Irish property in Ireland and abroad and in 2015 we will continue to do this with our London Property Show – an event that will showcase the very best of Irish property from all over the country.   Our property showcase will promote property to buyers from all over the UK and especially London to a purchaser market that includes investors who see the opportunity and value in the Irish property market together with Irish people living in the UK who may return home in the coming years but can buy now and avail of value coupled with rental return in the intervening period.   We believe in the opportunity, we believe in the Irish recovery, we believe in sustained future growth based on sound economic principles and most of all we believe in bringing our clients properties to the widest possible markets.”

This year alone our website www.sherryfitz.ie had 85,000 visits, an increase of 7% on 2013 from 1101 locations across the UK, representing a 33% increase on last year. 33,000 of these visits were from the greater London area alone, a 4% increase since 2013.  Traffic from the UK accounted for 8% of the total site traffic.

So if you want your property brought the extra mile to this event, contact Sherry FitzGerald on 1800 20 9000 or londonshow@sherryfitz.ie and make sure your property travels with us.

Sherry FitzGerald House Price Index

Wednesday, Oct 1st 2014

Key findings;

• The average value of residential property in Ireland rose by 3.8% in the third quarter of 2014; this brings the growth in the year to date to 14.0%, with growth of 17.2% in the twelve months to September 2014.
• Dublin house prices rose by 3.5% in the third quarter of the year, this brings the growth in the year to date to 16.6% and growth of 21.4% in the twelve months to September 2014.
• Notably, when Dublin is excluded from the national figure, the quarterly growth figure was 4.3%. Residential property outside Dublin was up 11.7% in the twelve months to end September 2014.
• The regional centres also experienced upward price movement during the nine month period, most notably in Cork with price inflation of 14.3 % in the nine months and 15.7% in the twelve months to end September.
• An analysis of the stock of available property for sale shows that supply levels remain very low. There were approximately 37,465 units advertised for sale in July 2014, of which, 4,174 were located in Dublin. This represents a reduction of 19% on July 2013 levels when there were 46,203 units for sale in the open Irish market.
• Notably, just 0.9% of the Dublin private housing market is currently available for sale. This compares favourably to the 0.6% of stock advertised for sale in Dublin in January 2014.
• Owner occupation still dominates the purchaser profile at 79%, while investors now account for 15% of all purchasers in the opening nine months.
• First time buyers remain an active cohort in the market accounting for 21% of the properties traded in the year; notably this compares to 19% in the same period in 2013.
• An analysis of the profile of vendors who sold their property through Sherry FitzGerald in the opening nine months of the year revealed that 30% of vendors were selling investment properties, while executor sales accounted for 14% of the market. 

Commenting on these results, Marian Finnegan, Chief Economist, Sherry FitzGerald Group said;

“The strengthening price performance which became evident over the opening half of 2014, persisted during the third quarter, with prices rising by 3.8% in the three months to end September. This compares to 2.5% in the same three month period in 2013. The most significant driver of this price performance was the reduction in the quantity of property available for sale with 19% less property advertised for sale in the summer of 2014 compared to the summer of 2013.

That said, the level of price inflation in Dublin did moderate during the three months to end September, when compared to the previous six month period. While prices rose by 3.5% in the third quarter of the year, this compares to an average growth of 2% per month in the opening six months of the year. This moderation in price growth reflects an increase of over 38% in the quantity of property advertised for sale in Dublin in July compared to January 2014.

Looking to the remainder of the year, it now seems likely that price inflation will approach 20% in the Irish market in 2014 led by the Dublin and Cork markets in particular. Current indicators would suggest that 40,000 properties will transact in the calendar year. This compares to just under 30,000 in 2013 and just over 25,000 in 2012. Without a significant increase in supply, there is now every likelihood that price inflation will remain in double digit figures in 2015. ”

ends

The below report is our latest residential market review, containing an overview of key developments in the Irish residential market in the opening six months of 2014. Our second quarter results on price performance are included in this report, together with an analysis of other key market indicators.

It is now over two years since the Dublin residential property market stopped falling in value and it has taken most of that period for sentiment to be restored in the market. This uplift in sentiment is reflected in the latest results of the Sherry FitzGerald House Price Index, which revealed that the average value of residential property in Ireland rose by 4.5% in the second quarter of 2014; bringing the growth in the year to date to 9.8%. Notably, residential property in Ireland increased by 15.7% in the twelve months to June 2014.

Irish Residential Market Summer Review 2014

Marian Finnegan “The first quarter of 2014 was a period of strong price inflation in all the regional centres most notably in Dublin.”

Tuesday, April 1, 2014 

Key findings;

The average value of residential property in Ireland rose by 5.0% in the first quarter of 2014; this follows annual growth of 9.2% in 2013. 

• Notably Dublin house prices rose by 6.5% in the first quarter of the year, following growth of 14.1% in the twelve months to the end of December 2013.
• When Dublin is excluded from the national figure, the quarterly growth figure was 3.0%.
• The regional centres also experienced upward price movement during the first three months of the year.
• An analysis of the stock of available property for sale on the open market continued to decline as recorded in January 2014. There were approximately 37,883 units advertised for sale, of which 3,025 were located in Dublin.  This represents a reduction of 28% on January 2013 levels when there were 52,532 units for sale in the open market.
• Notably, just 0.6% of the Dublin private housing market is currently available for sale.  This is incredibly low by either historical or comparable levels. 

Commenting on these results, Marian Finnegan, Chief Economist, Sherry FitzGerald Group said;

“The first quarter of 2014 was a period of strong price inflation in all the regional centres most notably in Dublin.  The ever decreasing quantity of property advertised for sale in the regional centres led to strong competition for properties thus fuelling this period of price inflation.  Notably Dublin prices rose by 6.5% in the three months alone.  

The cities of Cork and Galway also saw price inflation with price growth of 5.5% in Cork city and 3.1% in Galway city during the three months to the end of March.  Both cities are suffering from a shortage of property for sale with only 1.5% of Cork city private properties advertised for sale and only 0.9% of Galway City’s private housing stock advertised for sale in January 2014. 

Looking to the future, it seems likely that without a notable increase in the supply of properties to the market, price inflation in both Dublin and indeed all of Ireland will exceed levels achieved in 2013.  That said, it is early days and supply traditionally increases in the post Easter market.  A notable increase in supply in any location has the potential to moderate current price trends in the months ahead.  Outside the regional centres, current forecasts would suggest that 2014 will be a year of stability after six years of price deflation. 

Further findings;

• An analysis of transactions that closed during the opening quarter of 2014 reveals that 74% of the second hand homes sold through Sherry FitzGerald were purchased by owner occupiers; this compares to 83% in the same period in 2013.
• Notably, investors bought 19% of the properties transacted in the year to date; this compares to 10% in the same period in 2013
• First time buyers remain a relatively active cohort in the market accounting for 21% of the properties traded in the year; notably this compares to 25% in the same period in 2013.
• An analysis of the profile of vendors who sold their property through Sherry FitzGerald in the opening three months of the year revealed that 30% of vendors were selling investment properties. Executor sales accounted for 17% of the market.

– ends –

If you’re thinking of buying in Ireland, come and meet our experts at The Sherry FitzGerald London Property Show 2014.

Location: Copthorne Tara Hotel, Kensington
Date: Saturday, 1st March 2014
Time: 11am – 4pm

Admission: Free

At the Sherry FitzGerald London Property Show we will be showcasing 1000’s of properties from castles to cottages all over Ireland.  To view a range of our properties please see sherryfitz.ie today.

For any further information email londonshow@sherryfitz.ie

Register for entry to The London Property Show 2014 below

2014 Reports

Irish Agricultural Land Market Review Autumn 2014

Irish Hotel Market Review – Summer 2014

Irish Land Market Review Summer 2014

Irish Land Market Review Summer 2014

Irish Investment Market Review June 2014

Irish Industrial Market Spring Review 2014

Irish Office Market Spring Review 2014

Irish Industrial Market Review 2013/Outlook 2014

Irish Office Market Review 2013/Outlook 2014

2013 Reports

Irish Investment Market Review Autumn 2013 

Irish Industrial Market Review Q3 2013

Irish Office Market Review Q3 2013

Irish Investment Market – Summer Review

Irish Industrial Market Q2 2013

Irish Office Market Q2 2013

Irish Retail Market Review – June 2013

Irish Investment Market Review – Spring 2013

Irish Office Market Q1 2013

Irish Industrial Market Q1 2013

Irish Shopping Centres and Retail Parks – Spring 2013

2012 Reports

Irish Commercial Property Market – Review 2012/Outlook 2013

Dublin Industrial Market – Spring Review 2012 – Download Report

Dublin Office Market – Spring Review 2012 – Download Report

Regional Commercial Markets Spring 2012 – Download Report

Irish Commercial Market Review – Summer Review 2012 – Download Report

Dublin Office Market – Autumn Review – Download Report

Dublin Industrial Market  -Autumn Review 2012 – Download Report

Regional Commercial Review – Autumn 2012 – Download Report

2011 Reports

Dublin Industrial Market Q1 2011 – Download Report

Dublin Office Market Q1 2011 – Download Report

Regional Commerical Review Q1 2011 – Download Report

Irish Commercial Market Review – Summer 2011 – Download Report

Dublin Industrial Market Review – Autumn 2011 – Download Report

Dublin Office Market Review – Autumn 2011 – Download Report

Regional Commercial Market Review – Autumn 2011 – Download Report

Irish Commercial Property Market Review 2011 – Outlook 2012 – Download Report

For more information please contact:

Marian Finnegan
Group Chief Economist
Director of Research
Tel: +353 1 237 6341
Email: marian.finnegan@sherryfitz.ie

Siobhan Moloney
Economist
Tel: +353 1 237 6317
Email: siobhan.moloney@sherryfitz.ie

Tanya Duffy
Research Graduate
Tel: +353 1 237 6300
Email: tanya.duffy@sherryfitz.ie

Thursday, January 2, 2013 

Key findings;

• The average value of residential property in Ireland rose by 2.8% in the final quarter of 2013, bringing the annual figure to 9.2%. 
• Notably, Dublin house prices rose 4.1% in the fourth quarter of  2013, and 14.1% in the twelve months to the end of December 2013.
• The regional centres also experienced positive price growth during 2013
• That said it  is worth noting that when Dublin is excluded from the national figures, the      annual growth figure is a more moderate 3.2%

 Commenting on these results, Marian Finnegan, Chief Economist, Sherry FitzGerald Group said;

“After six consecutive years of price deflation, 2013 saw a return of price inflation in the Irish residential market.  That said, all markets did not benefit equally from this recovery. Fuelled by a significant shortage of stock available for sale, house prices in Dublin rose by 14.1%.  The cities of Galway and Cork also saw price inflation re-emerge with growth of 13.0% in Galway City and 4.5% in Cork city during the twelve months to the end of December. 

Early estimates would suggest that under 25,000 properties transacted in Ireland in 2013, although this figure will probably increase a little as final sales are logged on the property price register.  Nevertheless this is still quite low by either historical or international standards for a population of our size.  As such it is evident that the recovery in prices is a function of a shortage of stock rather than exceptional demand.

Another notable feature of the market is the strength of cash, 54% of all transactions were bought with cash in the first nine months of the year.  Investor demand was also noteworthy with 13% of all individual transactions bought by investors.  Furthermore, there has also been a notable increase in professional investor activity in the residential market with €232m invested in the multi-family sector of the property market during 2013.  The market attracted a mix of both private Irish investors and high profile international investors such as Kennedy Wilson who bought residential blocks such as Clancy Quay in Islandbridge Dublin 7.

 Looking to the year ahead, it seems likely that 2014 will be in many ways similar to the year past.  The combination of recovering demand and limited supply in our regional centres will almost inevitably fuel price growth.  However the more rural locations where supply is more plentiful and labour market conditions challenging will most likely remain somewhat subdued.“

 Further findings;

• An analysis of transactions closed in 2013 reveals that 79% of the  second hand homes transacted through Sherry FitzGerald were purchased by owner occupiers; this compares to 82% in 2012.
• Notably, investors bought 13% of the properties transacted in the year; this compares to 10% in 2012
• First time buyers remain a relatively active cohort in the market accounting  for 20% of the properties traded in the year; notably this compares to 29% in 2012.
• A comparison between mortgages drawn-down during the first nine  months of the year and the property price register suggest that cash purchasers  were responsible for 54% of all residential transactions in the first nine months of the year. This compares to 43% in the same period in 2012.
• An analysis of the profile of vendors who sold their property      through Sherry FitzGerald in the twelve months of the year revealed that 28%  of vendors were selling investment properties. Executor sales accounted for 18% of the market.

 –    ends –

For any further information, please contact;

Jill O’Neill                                                

Director of Communications

Sherry FitzGerald Group

Ph: 01 237 6324 / 086-252-3277

 Note 

(1) Founded in 1982, Sherry FitzGerald has grown to become Ireland’s largest firm of estate agents with over 100 owned and franchised branches throughout Ireland.

(2) The Sherry FitzGerald barometer of second-hand house prices is the longest established indices of price performance in the Irish residential market.  Originally established in 1992 the barometer provides a quarterly analysis of price trends in the Irish and Dublin second-hand residential market.

At this event which will be held on March 1st in The Copthorne Tara Hotel from 11am-4pm, we will be displaying a sample of properties from all across Ireland, giving UK purchasers an opportunity to meet property professionals from several of their offices across the country in one day, and in one location!

Mary Dillon, head of Sherry FitzGerald Countrywide said “We ran similar events over the past two years and the feedback from those who attended was very positive with the main interest coming from Irish living in the UK and abroad looking to return to Ireland where they now see that there is fantastic value in Irish property – what was in the recent past unaffordable is now well within their reach and with finance available to them they are ready to make a purchase.  This year has proven to be a strong period of price inflation in the Irish housing market and those who have been contemplating purchase for some time are starting to make decisions.  

“The show presents an opportunity to promote properties to a much wider audience.  To a UK investor or even an Irish emigrant with dreams of returning home, Ireland is certainly an attractive place to buy property with prices now down nationally by almost 60%.  While our agents receive regular enquiries from potential UK buyers this is literally bringing Irish property to their doorsteps.  Many of our clients around the country recognise this and see it as an opportunity not to be missed”

This year alone www.sherryfitz.ie had 79,000 visits from 829 locations across the UK.  This represented a 20% increase since 2012.  32,000 of these were from the greater London area alone, a 40% increase since 2012.  Traffic from the UK accounted for 8% of the total site traffic.

So if you want your property brought the extra mile to this event, contact Sherry FitzGerald head office on 01 2376300 or londonshow@sherryfitz.ie and make sure your property is part of it.

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