Property Prices Up Year on Year in Ireland

Here's a very engaging article by the Property Wire on the 4th of July, 2013 showing evidence that the residential property market in Ireland is recovering.

There is further evidence that the residential property market in Ireland is recovering with the latest data from the Central Statistics office showing that prices increased by 1.2% in the year to June. This is the first annual increase since January 2008 and it compares with an annual rate of decline of 1.1% in May and a decline of 14.4% recorded in the 12 months to June 2012. Residential property prices grew by 1.2% in the month of June. This compares with an increase of 0.3% recorded in May and is much improved on a year ago when prices fell by 1.1% in the month of June. In Dublin residential property prices grew by 1.7% in June and were 4.2% higher than a year ago. Dublin house prices grew 1.4% in the month and were 3.6% higher compared to a year earlier. Dublin apartment prices were 9.7% higher when compared with the same month of 2012. However, a spokesman for the Central Statistics Office said that it should be noted that the sub-indices for apartments are based on low volumes of observed transactions and consequently suffer from greater volatility than other series. The price of residential properties in the rest of Ireland grew by 0.7% in June compared with a decrease of 1% in June last year. Prices were 1% lower than in June 2012. It means that house prices in Dublin are 54% lower than at their highest level in early 2007 while apartment prices in Dublin are 58% lower than they were in March 2007. But the property market still has a lot of recovering to do. Residential property prices in Dublin are 55% lower than at their highest level in March 2007. The fall in the price of residential properties in the rest of Ireland is somewhat lower at 48%. Overall, the national index is 50% lower than its highest level in 2007.   Article Source: http://www.propertywire.com/news/europe/ireland-residential-property-prices-201307248041.html

European retail property investment volumes reached €10.3 billion during the first half of 2013, a 40 percent increase from the €7.3 billion reported for the same period last year, according to the latest data from Jones Lang LaSalle.

During the second quarter of the year, retail real estate investments equaled €5.1 billion, up from €4.1 billion recorded last year, mostly driven by an increase in stock in the market. 

"We are seeing a greater presence in the market of opportunistic investors, as underlined by the first acquisition by KKR," Jeremy Eddy, director, European retail capital markets at JLL, said in the report. "Looking at the geographic trend there are a number of transactions in the pipeline in Southern Europe, which will provide much needed signposts, and greater confidence to investors creating momentum in the market as we move forward." 

North American investor KKR entered the U.K. retail warehouse market with the purchase of a 40,000-square-foot retail park portfolio from Resolution Property for €130 million, in alliance with asset manager, Quadrant Estates, JLL reports.

The U.K., France and Germany in particular continue to report "healthy" investment activity, while investor interest spreads across Europe. Sweden, Poland, Italy, Portugal, Slovenia, Austria, Russia and Turkey all had active quarters, JLL said. 

Investors are diversifying, placing greater appreciation on property fundamentals. One of several large transactions signed during the quarter includes the purchase of Silesia City Center in Katowice, Poland, by an international consortium led by Allianz Real Estate for €412 million. 

The research firm reports an increasing trend of joint venture partnerships in the retail sector. Overall, the firm expects greater investor interest in the following months. 

"With an increase in the amount of debt available to the property market, we expect further activity by these investors in the second half of the year," Mr. Eddy said. - See more at: http://www.worldpropertychannel.com/europe-commercial-news/european-retail-property-investments-jones-lang-lasalle-kkr-retail-real-estate-investment-7123.php#sthash.5GzgyGZh.dpuf