‘New arrivals have more confidence’ in Cork

MORE investors are getting out of the housing market in Cork than are buying into it, at a time of unprecedented demand for rental properties, with no new supply of any scale, a gathering of the construction sector has been told.

An analysis of property sales up to September 2017 showed 34% of sales were by investors leaving the market, and just 22% of purchases were for rental invesment, said Cushman & Wakefield director Frank Ryan, citing Sherry FitzGerald research.

And, after major international players have entered the multi-family unit market in Dublin and move on to other cities, local contractors and builders were told at a CIF business briefing that they should prepare to build for this new element in housing supply, in joint ventures with plcs, funds and Nama.