Huge turnover in Irish property investment market despite COVID-19 spread

DUBLIN: Heavy turnover in Irish property investment market despite COVID-19 spread. The property company Lisney’s latest figures show a turnover of €3 billion last year. That’s half of last year’s record turnover of €6 billion. Lisney said that sales came despite supplies being more limited from April onwards, as several potential sales processes had been halted.

Office space is the most active in the investment sector. Such buildings account for 39% of the total turnover.

2020 was another good year for the office market as well. In the first quarter of 2020, 90,000 square meters were transacted. But COVID-19 caused some disruptions, with only about 52,000 square meters of transactions being completed in the remaining nine months. However, Lisney says demand is expected to continue in 2021 as there is significant demand in the market.

With the release of the COVID-19 vaccine, the country is expected to return to busy office days. By the end of the year, 2022, activity will be at a healthy level. International travel restrictions have affected foreign investors. Lisney predicts that this will continue for the first three months of the current year.

The spread of the vaccine will make vendors more confident. Those who have stopped selling will try to bring their assets back into the market. But Lisney says it will take time for the stock level to riseEstate agents said buyers in 2021 will be very sensitive about prices.

Lisney argues that the market has been stagnant since mid-March simply because buyers could not see the property. Homes sold 50% less in April and May than in the same period in 2019. Lisney said the first two halves of 2021 will be different.