Savills launch new lettings division
With rents holding up better than prices, both receivers and estate agents are beginning to focus on this sector of the residential market. Estate agency Savills has launched a new residential lettings division in Dublin.
Its first client is Grant Thornton who are receivers on the Tallaght Cross properties developed by the Liam Carroll company, Danninger. Monthly rents at Tallaght Cross range from €775 for one-bed apartments and from €950 for two-bed units.
Grant Thornton's decision to opt for lettings is in accord with NAMA's strategy which believes that it is likely to achieve better returns from delaying sales of those properties which are likely to appreciate in value.
Savills has recruited Clarie Neary to head up the lettings division and her responsibilities include viewings, lease preparation, rent collection and tenant liaison.
Ronan O'Driscoll, head of residential at Savills, says "rents have not reduced to the same extent as sales and are down 20pc from peak compared to a 50pc drop in sales prices from peak."