2023 A Year of Market Adjustment, Risks and Opportunities
A glance of the 2022 Review of the Year market reports during December, paints a mixed picture as we say goodbye to another year and look forward to 2023.
Our own online traffic and user trends are not too dissimilar, with record online activity levels over the first 6 months of the year giving way to reduced activity levels commencing last July and continuing its gradual downward trend into December.
Taking into account the various challenges and wider economic backdrop with further interests rates increases expected to continue into 2023, the first half of 2023 is expected to see further market adjustments and a cautious approach by those purchasers on the acquisition trail.
Many Agents are forecasting a period of adjustment as rising interest rates forces “a pricing adjustment phase” to allow Vendors expectations readjust to buyers increased cost of funding and risk/return expectations.
Headlines from the Irish Times, Commercial Property Review of the Year for 2022 below tell their own story for the various sectors.
Construction ramps up to meet strong demand for Logistics and Industrial space. Opinion, Kevin Mc Hugh, Director Harvey Industrial Property Specialists
Clever Investors will find rewards in the face of greater risks ahead. Opinion, John Moran, CEO JLL
Year of two halves as Irish Property displays resilience. Opinion, Myles Clarke, MD CBRE Ireland
Investment spend on course to reach €5.5 billion (pretty much on par with 2021) Opinion, Kenneth Rouse, BNP Paribas Real Estate Ireland
Ireland will continue to attract International Capital. Opinion, Michele Jackson, Director TWM
Expect more opportunities and a new wave of Investors. Opinion, Michele Mc Garry Director Colliers
Investors retrench but billions in “dry powder” await return to normal trading. Opinion, Kevin Donohue, Cushman & Wakefield Irl.
Opportunity knocks for investors willing to make long-term calls. Opinion, James Nugent, Director Lisney
Current uncertainty offers opportunity for Investors to secure attractive property deals. Opinion, Adrian Trueick Director, Knight Frank
Demand for offices remains high as firms seek better work places. Opinion, Declan O’Reilly, Director Knight Frank
Grafton Street on course to hit 100% occupancy in 2023. Opinion, Eoin Feeney, Director of Retail Colliers
Value and opportunity underpin resurgent demand for retail assets. Opinion, Rod Nowlan, Director Bannon
Market for Development land robust despite headwinds. Opinion, John Swarbrigg, Director Savills Ireland.
Investors see long-term value in Dublin pubs. Opinion, John Ryan, Head of Licensed & Hospitality, Bagnall Doyle MacMahon.
Market Outlook 2023
Always difficult to predict future trends especially given the unforeseen elements experienced in recent years, however, with some initial signs that inflation is beginning to turn the corner in the US and Europe, this should help lead to a more positive outlook on interest rates, helping to reduce volatility and provide a more stable foundation for the Irish property market to move forward in the medium term.
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