Price growth forecast at 5% in post-covid Irish resi market
The ongoing health crisis has brought some changes to the residential property market in Ireland. But demand is still strong for both private rented stock and individual apartments for sale, Greystar Ireland managing director Claire Solon said.
Talking to Real Asset Insight’s Richard Betts she said Greystar’s rent collection rate was between 95% and 97% in the last quarter of 2020. Some analysts are also forecasting a 5% increase in house prices.
However, fewer residential sites are being traded. “The cost and terms of finance are now different to what they would have been pre covid, which will impact on what people can afford to pay for sites,” she said.
One thing that has been noticeable is that people now frequently cannot decide if they want to live in the city or the suburbs which she said is a result of the working-from-home phenomenon. Customers now want larger units, two bedrooms instead of one and access to private open space such as a balcony.
Click on the video above to watch the full interview or listen to the podcast below.