Market shows its mettle, and its metal

Activity at 5,000 transactions showed a steely resolve, says Savills' Michael O'Donovan

Arbutus Lodge, Montenotte sold in 2020 for €1.25m via Savills. The former hotel  was bought as a private family home.

LAST year I wrote about the Cork property market showing its mettle in these end of year pages:  little did I know, just how hard our society would be tested within a few short months. Like our society, our property market has shown exceptional composure and resolve in the past nine months to meet the challenges foisted upon it in 2020. When we think about the open market in property, we consider the effect of interest rates, mortgage availability, cost of renting and employment figures.

These key factors undeniably affect the values of property and the number of transactions each year. Since 2015 we have transacted about 6,00O residential sales each year in Cork. This year, somewhat remarkably, we will transact approx. 5,000 sales in Cork. These figures are a strong reminder that the market at its core is driven by those who partake in it, willing buyers and willing sellers.