Whether our clients are acquiring, selling, managing or investing in property, good decisions depend on accurate, carefully analysed information. Our team makes a close study of real estate globally, delving into specific sectors and markets as well as exploring broader real estate trends. We report back to our clients via publications, reports and presentations.
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Regular local market analysis and reports
Analysis and reporting of regional and global trends
If a week is a long time in politics, in property investment, a year is apparently a whole era. This time last year, investors in European property were predominantly concerned about a shortage of debt finance, which was also seen as a challenge in 2012, along with the potential breakup of the euro zone. With investors having spent heavily on European property assets in 2013, the possibility that property has become overpriced is now thought to be the greatest threat to markets.
There has been much discussion recently about pricing, particularly in the context of the Dublin commercial property market, considering the weight of capital chasing investment opportunities and the extent to which prime yields have contracted over the last 12 month period
The reality is that assessing the appropriateness of a yield or a return from property investment is a function of market conditions at a particular point in time and is largely influenced by factors such as the availability and cost of funding at that time and the returns being achieved from other forms of investment or from property in other jurisdictions.
In the current climate, many long term investors find property attractively priced relative to other investment alternatives such as Government bonds or bank deposits, particularly considering the rental growth and future development potential associated with many property investments.
The fact that economic prospects in Ireland are considerably better than in many other European countries at this juncture and the relative strength of our occupier markets in comparison to other locations could result in some investors justifying paying higher pricing for Irish assets.
Over 50% of commercial property investment in Ireland is now emanating from international investors who are seeking investment opportunities across a range of markets.
Instead of focussing on the fact that Irish property yields are now at or close to their long-term average and focussing on the potential for over-pricing, investors should instead focus attention on what yields are being achieved in other competing locations and from other forms of investment as that will result in more meaningful analysis.