Signs of property recovery in Cork

A REDUCTION in the oversupply in housing points to a mild property recovery in Cork and certain parts of Dublin, according to a report by estate agents Savills.

The report notes very little oversupply exists in Dublin south city, Swords and Naas, Co Kildare.

Ronan O’Driscoll of Savills said misinformation in the property market will slow down growth and recovery.

He said: “It has been mooted that there are 179,000 properties in ghost estates throughout the country, but this figure has been calculated comprising holiday homes, unfinished houses and other properties which cannot be listed as occupied regardless of demand. If you allow for these fully utilised ‘unoccupied’ properties, we arrive at our net figure of 23,000 complete and vacant homes in new estates. Even in the boom time, this number would have exceeded 10,000.”