DUBLIN is set to draw more attention from international property investors than any other European city in 2014.
Newly-released research reveals that experts expect Ireland’s capital to enjoy a renaissance as the country’s property market continues to grow.
Dublin was singled out as the best city in which to buy property this year in a report by think tank Urban Land Institute (ULI) and consultants PwC.
The influential survey of 500 real estate experts across Europe saw Dublin leap 15 places since last year’s poll.
The news comes shortly after one estate agent announced a 39 per cent jump in the number of Irish property buyers based in Britain.
Joe Montgomery, chief executive of ULI Europe, predicted that increased investment in Ireland would soon become a major story.
“Investor appetite in Dublin has been growing over the past 12 months with significant volumes of international capital chasing the best assets,” he said.
The organisation’s report has confirmed Ireland’s transformation from a pariah among buyers to a star market for those looking for their investment to grow in value.
The ULI study, entitled ‘Emerging Trends in Real Estate in Europe’, explains that investors are becoming “increasingly comfortable” with taking more risk in search of returns.
“Dublin’s real estate market has been transformed from a ‘no-go’ location among investors only two years ago, to being one of the hottest markets in Europe, with both domestic and international investors attracted by pricing levels and Ireland’s improving economic outlook,” it said.
Dublin came second only to Munich in ULI’s forecasts for return on property investment. Last year it was rated as number 20.
More than half of those estate agents who responded to the survey reported seeing “good buying opportunities” in Ireland.
PwC real estate partner Timothy O’Rahilly warned that opportunities for prospective investors will be limited by the size of the Dublin market.
But he added that investors “believe that 2014 will mark Dublin’s comeback” thanks to improving economic conditions in Ireland.
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