Last year marked a turning point for the Irish commercial property market following an unprecedented period of decline since 2007 and the outlook for 2013 is busy, according to the latest analysis from property firm CBRE.
In 2102 yields effectively doubled, rents halved, capital values declined by an average of more than 65% and land values declined by as much as 90%, it says in its latest report.
But according to Marie Hunt, executive director CBRE Ireland, the sector is moving into a recovery phase. She pointed out that the prospects for prime property are considerably better than secondary which will inevitably take longer to unwind.
The report shows that despite a challenging economic backdrop, leasing activity in all sectors of the occupier markets held up remarkably well in 2012. Buoyed by measures introduced in the 2012 Budget as well as improving economic indicators, investors started to focus their attention on opportunities in the Irish market and there was a notable year on year increase in the volume of transactions in the investment, hotels and development land sectors in particular.
This article is copyrighted by Property Wire - Premier global property news service