S&P: Property market close to stabilising

The property market is close to stabilising following five years of price falls which has seen a peak-to-trough adjustment of 50%, according to the ratings agency Standard & Poor’s.

“We believe the Irish property market will continue to stabilise next year before picking up slightly in 2015. Anecdotal evidence suggests that some urban regions, especially in Dublin, are already experiencing some stock shortages.

“Continued economic recovery in 2014 and 2015 should also support demand for housing. We expect real GDP to gain 1.9% next year and 2.4% in 2015, while unemployment should slowly decline to 13.1% in 2015 from 14.7% in 2012.