Total returns for Irish property have doubled in the first quarter of 2014 as the market’s dramatic recovery continues.
The IPD/SCSI Ireland Quarterly Property Index shows that property returned 7.2% during Q1, up from 3.8% in the previous quarter. Capital values rose by 5% during the period – the fastest growth since mid-2006.
Total returns for Irish property over a 12-month period now stand at 19.4%, compared with the UK’s 14%.
Irish property has experienced a rapid turnaround since mid-2013, halting a six-year decline that saw 65% wiped off capital values.
The country exited an EU/IMF bailout programme in December, in a move that has boosted investor confidence in the property market. However, the economy still faces challenges: government debt stands at 123.7% of GDP in Q1, up from 117.4% at the end of 2013.
Estates Gazette’s first overseas Question Time event will take place in Dublin on Thursday 22 May at the Royal College of Surgeons.
Panellists include Nama head of asset management Mary Birmingham, Bank of Ireland head of property finance Paul McDonnell, Green REIT managing director Pat Gunne and Savills Ireland director of research John McCartney.
• Dublin Question Time: click here for more information and to register
sophia.furber@estatesgazette.com
