Dublin: From top 10 to bottom of global list

DUBLIN has fallen to the bottom of a global list as a location for property investment.

As a result, property owners in Ireland’s capital city have been told to sell office, hotel and retail investments.

According to the annual Emerging Trends in Real Estate in Europe survey, published by the Urban Land Institute and PricewaterhouseCoopers, Dublin has nose-dived from a top 10 spot last year to bottom of the list of 27 locations this year.

The report said that many interviewees said Ireland will have huge difficulties in the coming years.

It also reveals 29% of respondents recommend selling retail property in Dublin, while 25% recommend selling residential investment property.

Partner, real estate practice, PwC Ireland, Tim O’Rahilly said he was not surprised by the results of the survey as traditionally Ireland has not been a location which has attracted a huge amount of foreign investment in property. He said the reason for this is that many people would see Ireland as a closed market and people find it difficult to know what is going on here.

He added that the reason Dublin has fallen so much over the last year is because investors are seeing more opportunities in other locations such as Moscow and Istanbul.

“There seems to be a move away from investment in Western Europe towards other locations,” he said.

Moscow topped this year’s list, followed by Istanbul.