CEOs believe future is bright for our economy
A majority of Irish chief executives believe that the Irish economy will grow in 2012. According to a survey by property consultants CB Richard Ellis as many as 90pc of respondents have a positive outlook with 47pc expecting the economy will grow by up to 1pc next year while a further 43pc are more optimistic, believing that a growth rate of between 1pc and 2pc is achievable.
Only 8pc expect the Irish economy to decline next year. The respondents are evenly split about employment prospects with 39pc expecting to increase their staff numbers next year.
However, 30pc expect to reduce staff numbers, while 31pc of the chief executives who responded to this survey said their staff numbers will remain the same in 2012.
Surprisingly more than half of respondents have positive expectations for a Irish commercial property values over the next three years with 27pc forecasting a slight increase over the same period and 29pc expecting them to remain the same over the period.
While 33pc expect commercial property values to decrease slightly as many as 11pc expect significant falls in value over the period.
More than 40pc of CEOs identified Dublin office property as having the best prospects while 29pc of respondents tipped the retail market sector.
A further 15pc selected industrial property in the capital as the most likely to outperform in the time period.
Above 74pc said they were less favourable towards both commercial and residential Irish property investment than they were 12 months ago.
Instead almost 85pc of respondents cited bank deposits as their number one preferred investment choice.
Compared with 12 months ago, 44pc of respondents said they are more optimistic about Irish economic prospects in the short to medium term.
Encouragingly, almost 80pc of respondents say they expect Ireland Inc to be viewed more favourably in 12 months time from an international perspective.