Cork's residential property shows resilience

Supply of new homes needs a significant step-up in 2021, says Sherry FitzGerald's Ann O'Mahony

The hunt for residential property held up duing 2020's pandemic-stricken year.  Photo: Niall Carson/PA Wire

LIKE all  aspects of life in 2020, the residential property market has faced significant disruption due to the COVID-19 pandemic. The outbreak of the virus has represented an unprecedented shock to the economy and to society, unlike any experienced in living memory. The necessary precautionary health measures taken earlier this year to reduce the spread of the virus have had adverse consequences for both the Irish economy and the housing market. However, while the impact has been extensive, the market has shown remarkable resilience despite the challenges COVID-19 has presented.

Since the onset of the pandemic, property values and buyer sentiment have shown extraordinary buoyancy. Following the implementation of the first national restrictions in March, it was widely expected that there would be a substantial drop in property values before the end of the year.