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Ireland is no longer in a recession, but sometimes it feels like it. We are in a hangover stage where the events of the years before are lingering and impacting sentiment and performance
This Perspective report titled ‘The Recession Hangover’ highlights the emerging positives from economic and property markets in Ireland and takes a positive look at the current market position to show that Ireland is starting to show signs of recovery. Markets (and people) are obviously in a distressed state, and ignoring this would be a unrealistic, however, ignoring positive results from key indicators could impede Ireland’s ability to recover.
Hannah Dwyer, Head of Research at Jones Lang LaSalle, Dublin stated that: ‘there is a lot of interest in Ireland at the moment, but it is mostly coming from overseas and sentiment domestically is more negative’. She added that ‘globally, there is a lot of excitement about Irish commercial property, but if you live here, you would think that we were still in the middle of one of our worst economic recessions’. We are statistically not in a recession. The economy continues to perform steadily with negative GDP growth in only 1 out of the last 6 quarters, and exports remaining strong. Commercial property markets are showing signs of recovery with stabilising prime rents, steady take-up, and for offices there is decreasing vacancy. Residential property asking prices, although still falling, are slowing nationally with evidence of price growth in Dublin, and in the rental market, rents have increased nationally and in Dublin. The investment market has showed significant signs of improvement with an acceleration in transactions and a strong depth of interest. Hannah stated that ‘2012 ended positively and we expect this momentum to continue in 2013. Although this year is expected to be a testing time for economic and property markets, it is likely that they will show the same resilience we saw last year, and it is important to focus on positive trends emerging to support further recovery’.
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