Thursday 13 December 2018

Revealed: This is the most affordable urban area in Ireland to rent and buy property

Dr Pat Daly, director of economic development and planning for Limerick City and County Council; James Collins, mayor of the City and County of Limerick; Ciara Morley, senior consultant with EY-DKM; Neil Gibson, chief economist, EY Ireland; and Michel Lemagnen, director MCJ Lemagnen Associates, review the report at the Limerick Strand Hotel. Photo: Sean Curtin
Dr Pat Daly, director of economic development and planning for Limerick City and County Council; James Collins, mayor of the City and County of Limerick; Ciara Morley, senior consultant with EY-DKM; Neil Gibson, chief economist, EY Ireland; and Michel Lemagnen, director MCJ Lemagnen Associates, review the report at the Limerick Strand Hotel. Photo: Sean Curtin
Ellie Donnelly

Ellie Donnelly

Limerick is the most affordable urban area in Ireland to rent and buy residential property.

That is according to an economic data profiling report on the area from consultants EY-DKM Economic Advisory.

The affordability of Ireland's third largest city is giving it a distinct advantage over other urban areas in Ireland, the report found, and comes at a time of increasing rents and property prices around the country, in particular in Dublin.

In addition, higher than national average levels of disposable income, as well as collaboration and engagement between business, third level and statutory bodies were among the factors cited as giving the Shannon-side city an advantage over other urban areas.

However, the report - commissioned by the marketing and communications department of Limerick City and County Council - warns of several issues which the Midwest city needs to address.

They include the deterioration of the city centre and tackling social issues such as unemployment blackspots in certain parts of the city.

"Limerick is the urban success story of the recovery and this report confirms that, while realising that there continues to be ongoing challenges," James Collins, mayor of Limerick, said.

Mr Collins went on to say a key barometer for any region is jobs and that the city has seen the creation of 12,000 in less than five years. "That's unprecedented growth for Limerick," Mr Collins said.

But he added: "We need to focus and be moving forward with ambition to be the best city in Ireland to work, live and play in."

As with the rest of the country, Limerick will not be immune from the threats poised by Brexit - now just 268 days away.

However, the new report found that the city's competitive cost of living and doing business, relative to other locations in Ireland, leave it well-placed to capture certain types of back-office activities, both from the UK and further afield, and relocating from Dublin.

Industry collaborations such as 'Limerick for IT' and 'Limerick for Engineering' are examples of industry-led initiatives that are a "standout feature" compared to other cities, the report found.

"The key opportunity now for Limerick is to position as an attractive destination for foreign direct investment in light of Brexit," Ciara Morley, consultant with EY-DKM, said.

Irish Independent

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