Top bosses predict an upturn for property
More than 50pc of company chief executives in Ireland are more favourable towards property than they were 12 months ago and a majority of them expect house prices to rise over the next three years.
According to a survey of the Top 1,000 CEO's in Ireland, 52pc are more favourable towards Irish commercial property than 12 months ago.
The annual survey is conducted by property consultants CBRE who found that 59pc of respondents expect Irish commercial property prices to remain stable over the next three years; 26pc expect commercial property values to increase slightly over the period and 15pc expect commercial property values to fall significantly.
When asked what sector of the commercial property market they expected to perform best over the next three years, more than 75pc identified Dublin offices as having the best prospects while the provincial retail market and Dublin industrial property was tipped to outperform other sectors by 12pc and 9pc of respondents respectively.
The outlook for residential property was more optimistic with 59pc expecting residential prices to increase slightly over the next three years.
A further 32pc expect residential values to remain stable at current levels over the period and 9pc expect a slight decrease.
None of the respondents expect house prices to decline significantly.