Key regions: United States, China, Japan, Germany, United Kingdom
The Real Estate market in Ireland has seen significant growth and development in recent years, driven by various factors such as strong customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors.
Customer preferences: Customer preferences in the Irish Real Estate market have been shaped by several factors. Firstly, there is a growing demand for sustainable and energy-efficient properties, driven by increased awareness of environmental issues and a desire to reduce energy costs. Homebuyers and investors are increasingly seeking properties with green features such as solar panels, energy-efficient appliances, and insulation. Secondly, there is a strong preference for properties in urban areas, particularly in cities like Dublin and Cork. This is due to the convenience and amenities offered by city living, such as proximity to employment opportunities, transportation, and cultural attractions. As a result, there has been a surge in demand for apartments and townhouses in city centers.
Trends in the market: One of the key trends in the Irish Real Estate market is the rise of co-living spaces. With changing demographics and a growing number of young professionals and students, there is an increasing demand for affordable and flexible housing options. Co-living spaces provide shared living arrangements with communal facilities, offering an alternative to traditional rental accommodation. Another trend is the development of mixed-use properties, which combine residential, commercial, and retail spaces in a single development. This trend is driven by the desire for convenience and the blurring of boundaries between work, leisure, and living spaces. Mixed-use developments offer residents the opportunity to live, work, and shop in the same location, reducing the need for commuting and enhancing quality of life.
Local special circumstances: One of the unique aspects of the Irish Real Estate market is the influence of foreign investors, particularly from the United States and Europe. These investors are attracted by Ireland's strong economic growth, favorable tax policies, and stable political environment. Their presence in the market has contributed to increased demand and prices, particularly in prime locations. Another special circumstance is the impact of Brexit. With the United Kingdom's decision to leave the European Union, many businesses and individuals have relocated or expanded their operations in Ireland, particularly in the financial services sector. This has led to increased demand for office space and residential properties in cities like Dublin, as well as in other parts of the country.
Underlying macroeconomic factors: The strong performance of the Irish economy has been a key driver of the Real Estate market. Ireland has experienced robust GDP growth, low unemployment rates, and increasing disposable incomes. These factors have boosted consumer confidence and spending power, leading to higher demand for properties. Additionally, low interest rates have made borrowing more affordable, encouraging individuals and businesses to invest in Real Estate. This has fueled demand for both residential and commercial properties, contributing to price appreciation and market growth. In conclusion, the Real Estate market in Ireland has been shaped by strong customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The market has experienced growth in areas such as sustainable and urban properties, co-living spaces, and mixed-use developments. The presence of foreign investors and the impact of Brexit have also influenced the market. Overall, the positive macroeconomic conditions in Ireland have supported the growth and development of the Real Estate market.
Data coverage:
Figures are based on value of residential and commercial real estate, average real estate value, residential estate transactions and leases.Modeling approach / Market size:
Market sizes are determined by a combined Top-Down and Bottom-Up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use data from international organizations and industry associations. Next we use relevant key market indicators and data from country-specific associations such as GDP, price level index, household wealth, household size, number of renter and owner households, housing consumer spending per capita. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing. The main drivers are GDP per capita, population, number of renter and owner households, price level index, housing consumer spending per capita.Additional Notes:
The market is updated twice per year in case market dynamics change. The impacts of the Russia-Ukraine war are considered at a country-specific level.
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