Ask the Experts: How do you see the Irish property market behaving this year?
Published 23/01/2016 | 02:30
Keith Lowe - Douglas Newman Good
Prices are likely to experience single digit growth in Dublin in the order of 5pc.
High end priced property in the most popular north and south side suburbs will perform well.
Outside Dublin we anticipate double digit growth in many high population urban areas that have experienced little growth to date as the ripple effect continues out from the likes of Dublin, Cork City and Galway City. Transaction levels will likely rise by a further 15pc-20pc.
Keith Lowe is CEO of Douglas Newman Good, which has 75 offices throughout the country. He has 32 years experience in the property sector having joined the firm in 1984.
Last year saw the market in Dublin stabilise following substantial increases throughout 2013 and 2014 of up to 40pc.
The new Central Bank rules regarding a 20pc deposit requirement and salary limitations on borrowing are having an adverse effect on the market and affordability is now more closely tied than ever to a person's income.
While purchaser demand is still extremely strong, in our opinion, we are unlikely to see substantial price increases over the next 12 months.
Marian McQuillan is the CEO of Quillsen, formerly Gunne Estate Agents and was previously a director of Purcell McQuillan Tax Partners.
The market is still fragile, it could very easily stagnate, fall or rise.
There are few drivers. If all the talk of new housing over the past 2 years in both numbers and plans is put together it doesn't amount to one new house being built. So how far have we moved from last year? Very little.
Last year I predicted the property market would level out and it did. Some property types and prices have increased this year but I expect a zero to plus next year.
Confidence is the main driver of a stable market and I don't sense that right now. Obviously some factors could change this year like the easing of the Central Bank rules, a lowering of interest rates and the general property supply.
Pat Davitt is the CEO of the Institute of Professional Auctioneers and Valuers (IPAV). Pat has more than 33 years experience in the sector, spending much of it running a family based auctioneering firm in Mullingar.
House prices in Dublin have stabilised but we are likely to see single digit growth of between 5 to 6pc in the capital. Much of this is dependent on supply constraints continuing into the New Year.
Property prices outside of Dublin are expected to grow at a higher rate with chartered surveyors in some larger rural towns predicting increases of up to 10pc.
Patricia Byron is the director general of the Society of Chartered Surveyors Ireland which has 5,000 members working in the property and construction sector.