Coronavirus uncertainty brings new opportunities due to the resilience of the Dublin Property Market
It is widely acknowledged that the negative economic impact of the COVID-19 pandemic will hit every major country’s economy and Ireland is no different.
Over the last fifty years, due to Ireland’s educated, English speaking work-force and international investor friendliness, Ireland has seen huge inward investment from global hi-tech, finance and pharma giants resulting in Ireland having one highest GDP growth over the last ten years.
One key sector which has established Ireland as centre of excellence is the pharma and high growth “med-tech” areas. 14 of the top 15 pharma companies have an Irish presence with Pfizer having a base here over 50 years. This has led to Ireland being the 7th largest exporter of pharmaceuticals in the world.
This is one of the reason why in March 2020, the OECD has stated that Ireland will be the least impacted country as a result of shutdowns due to the coronavirus pandemic as the chart below highlights.
How will this impact the Dublin residential property market?
Everybody needs somewhere to live and in Dublin there is still a huge shortage of properties to rent.
Investor focus is now firmly on pivoted to safety of their capital investment and security of the income that is generated as opposed to out-sized potential growth.
As Ireland will be the least impacted economy and due to being heavily centralised economy in Dublin, the knock-on effect of this will be the ability of tenants to remain in employment and to continue to pay their rents as their key priority as there is very little alternative accommodation.
The Dublin residential investment property market is perfectly suited to these conditions now and as global markets recover, Ireland will continue to be at the forefront.
Please register for updates where I will outline other reasons why Dublin will be least impacted.
If you are thinking of investing in property as a source of alternative income,
why not contact us today to discuss your requirements in more detail?
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Prices from: €495,000
Rental yields: 6% – 8%
Spencer Dock is an exciting development of 1, 2 and 3 bedroom apartments, penthouses and offices setting new standards in urban living and working. Designed by the famous Architects Scott Tallon Walker, it is hailed as the new city quarter
Prices from: €650,000
Rental yields: 5% – 7%
Hanover Quay is situated in south docklands which has its own unique ambiance. A blend of tech and financial firms are located in the area and it is brimming with international personnel who love the unrivalled location being within walking distance to all the amenities the city has to offer.