Property market recovery continues

THE commercial property market is showing continued signs of recovery, with around €450 million worth of new deals in the pipeline.

This is according to consultancy CB Richard Ellis (CBRE), which found Ireland to be one of the strongest recovering territories in its latest quarterly European commercial real estate investment survey.

The report, which shows that investment turnover across Europe as a whole reached €23.5 billion in the second quarter of the year, ranked the likes of Ireland, Austria and the Czech Republic as experiencing the highest quarterly increases, “albeit from a very low base”.

In its most-recent update on the Irish market CBRE reported that €103m was invested in the commercial market during the first six months of 2010, compared with €92m for the whole of 2009.

CBRE Ireland director Andrew Gunne said that figure, although representative of subdued levels of investment, is “reassuring” and indicates future growth.

“There are a number of European investors looking at Ireland as a recovery play.

“However, a lack of liquidity in the market continues to be an obstacle to these buyers entering into the market,” he said.

“In saying this, we are aware of another €450m of deals in the pipeline that are due to sign, so the market appears to be loosening up slowly.

“As Ireland’s economy inevitably improves, so will its attractiveness to international buyers, and transaction volumes will increase further,” Mr Gunne added.

CBRE’s recent report also suggested that there is a healthy mix of international investors and occupiers looking at the commercial property market here.

However, it added that there remains a low level of prime properties being offered for sale.

The latest European survey shows a strengthening trend for large-scale deals taking place.

Large deals have been taking place of late in Italy and Germany, but the British market, which has been in recovery mode for longer than most, witnessed 25 €100m-plus deals during the first six months of the year.


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