Signs of life in the Irish property market
By Bridging Loan Directory -
Irish property values fell again in the first quarter of 2012, by 1.8%, after the temporary reprieve granted in Q4 2011 by the lowering of stamp duty.
However, the rate of decline slowed to its lowest since March 2010, and total return, at 0.6%, was positive for the second quarter in succession, according to the SCSI/IPD Ireland Quarterly Property Index.
“Valuer sentiment remained guarded surrounding the Irish market, with yield expansion still pushing down values. But, on a cautiously optimistic note, there are tentative indications of improving conditions in the occupier market, as rental declines slowed to -0.8%, their lowest in since 2008,” said Phil Tily, IPD Managing Director for the UK and Ireland.