DUBLIN city has topped a European-wide poll as the most attractive city to invest in property, with industry experts predicting huge developments in the sector.
The news comes in the midst of a major housing shortage in the capital, with the government forced into a number of measures, including a city wide property survey to improve the situation.
However, the poll of more than 500 influential real estate experts puts Dublin as the number one city in which to buy property.
In the corresponding poll 12 months ago, Dublin languished in 15th place across Europe.
The poll was conducted by Urban Land Institute (ULI), a not-for-profit research and education organisation, as well as consultancy firm Price Waterhouse Coopers.
Chief executive of ULI Europe, Joe Montgomery, said the resurgence of investment in Ireland would be one of the key stories in the property investment world this year.
“Investor appetite in Dublin has been growing over the past 12 months with significant volumes of international capital chasing the best assets,” he said.
Industry experts are now predicting investors from home and abroad will plough potentially billions of euro into the Dublin commercial property market in the coming months.
It comes as a major boost to hopes of continued economic recovery and the report forecasts Dublin will be second best in terms of investment return, with only Munich in Germany offering better value.
The report said Dublin had been transformed from a “no-go” location among investors only two years ago, to one of the hottest markets in Europe among both home grown and international investors.
The report did warn however that there was also growing interest in the Spanish market.
Earlier this month it was reported there were just 3,000 properties for sale in Dublin at present, this was down 30pc from the same time last year.