Irish property market in recovery

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Ireland, like the UK, is experiencing an increased demand for property.

Ireland suffered in 2009 after the financial crisis. Many properties lost value and property companies struggled.

After many years of decline, the Irish property market is recovering. The Organisation for Economic Co-operation and Development reported in summer 2017 that property prices were rapidly rising because of both a strong economy and a shortage of houses.

There has been an increase in property related lending in Ireland and many developers are building new houses as well as commercial property.

Dublin is expanding its population by 1.7% each year and this is fuelling demand for housing as well as office space. Many buildings are being demolished in Dublin in order to build new property

In the second quarter of 2017 32,000 sq metres of office space were completed. Estate agents Savills says that it is likely that any offices built in Dublin will easily attract tenants. It has been estimated that 59 large firms are either moving to Dublin or expanding their existing offices. Although rents are not as high as London, capital growth estimates are good.

There is nervousness about how Brexit will affect the Irish economy and fears that another financial crisis could happen, but property investors are confident that Ireland is a good place to invest in.

British investors wanting to purchase buy to let or commercial property in Ireland should talk to a mortgage broker who can advise them on the availability of commercial mortgages to finance their investments.

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