Property Market Slide 'Arrested'

In this article by Belfash Telegraph.co.uk on August 30th, 2013 said that research shows that the number of properties sold in Dublin rose at a three year high.
 

The number of properties sold in Dublin soared by 13% in the first half of the year, research showed.

A study found 3,671 homes and apartments were snapped up in the capital by the end of July, compared to 3,252 in the same period last year and 2,409 in 2011.

The value of transactions was also at a three year high with almost 1.2 billion euro raised from sales, up a quarter from 965 million a year earlier.

MyHome.ie revealed while the number of transactions rose in 18 areas across the city and county, they fell in some of the most popular places to buy because of lack of supply.
Dublin 14 - which covers from Churchtown, Rathgar and Rathfarnham - boasted the highest number of sales at 224, but was down 5% on last year.

Elsewhere 207 properties changed hands in west Dublin, a 20% drop from last year, and Dublin 16 had suffered a 2% fall despite 217 sales confirmed.

Angela Keegan, managing director, said the main reason behind the fall in certain areas was a lack of suitable stock.

"These figures reflect the shortage of family homes coming to the market," she said.
"Many people are holding onto their tracker mortgages rather than upsizing but it's clear we need to see more new developments coming on stream in the greater Dublin area."

The property website analysed official figures from the property price register, which last week revealed the cost of a home in Dublin jumped by 8% over the last year. The Central Statistics Office said the figure caused national prices to go up 2.3% despite a drop in sale prices outside the capital.

The figures showed more than two thirds of the 23 postcode areas and Dublin county had a record number of transactions for the first half the year since 2010.

However it is believed the housing market in the first few months of 2013 may have been affected by buyers availing of mortgage interest relief which ended at the end of 2012.

More recent data showed there have been 4,743 transactions in Dublin up to August, compared to a total of 8,984 for all of 2012.

Ms Keegan said the figures were encouraging after six years of falling prices.

"That trend could not continue and the fact it has been arrested in Dublin and prices are beginning to stabilise or rise in most areas is a positive development for the property market in the capital," she added.

Article Source: http://www.belfasttelegraph.co.uk/news/local-national/republic-of-ireland/property-market-slide-arrested-29537489.html

 

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