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The high prices achieved in the spring season attracted such a huge volume of properties to the market in the autumn that it edged towards oversupply. This was caused not only by rising interest rates but also uncertainty with regard to future government policy, following the Tánaiste Michael McDowell’s widely reported comments on stamp duty. The practice of issuing a guide price was abolished and replaced by the issuing of an Advised Minimum Value. However, as the auction season progressed, agents got to grips with the new system and AMVs came to reflect more accurately market prices.

A big talking point of 2006 was interest rates. In the twelve months following November 2005, there were six rate increases, each of 0.25%. This is in light of falling oil prices, a slide in the US dollar and lower global growth expectations for 2007. Recent data from Eurostat showing lower Eurozone inflation and lower than expected growth tend to support this view. It appears most homebuyers have assumed that interest rates would increase by 1% to 1.5% above the ECB rate of 2%, which had held for some time.

Properties with development potential were sought after and we sold 30 Whitehall Road in Churchtown in May for u 4.6m. Properties on Palmerston Road in Dublin 6 showed strong growth during the year, as reflected in the prices we achieved for a number of houses in this locality. Strong activity at the upper-end of the residential market was matched by equal enthusiasm for family homes in Blackrock, Mount Merrion and Clonskeagh.

This was emphasised by the sale in May of 34 Kincora Avenue, where a record price of u 1.9m was achieved for a three bedroom, semi-detached house on a large corner site. Looking further north along the coast, properties in Sutton, Howth and Malahide have continued to be in high demand, especially at the top end of the market, where “trophy homes” are keenly sought after. is a term used to portray the methodology that takes after the marking of an agreement to purchase or offer a property, and in spite of the fact that the procedure can be an extremely intricate one, there are a few things you can do to verify the procedure is as straightforward as could be expected under the circumstances. There are truly many conveyancing firms in every real capital city that are devoted to giving the administration.

One of the most interesting house sales of the year on the north side of the city was of The Tower House in Portrane, Co. Dublin. Originally a Martello tower standing on over 0.4 ha, the combined house and land sold for a figure close to u 1.7m in September. Despite disappointing auction results and slower than expected sales in the latter half of 2006, we foresee an improved market in 2007.

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The current nervousness should die away as the steadiness of the economy wins out in people’s property decisions. We therefore see further growth in residential sale prices, albeit at a lesser rate than in previous years, with a figure of around 5% looking the likely outcome. The residential letting market is quite buoyant at present, with quality houses fitted-out to a high standard in short supply.

This has been the case, particularly for larger houses along the coast from Blackrock to Killiney. Bearing in mind the current oversupply in the residential sales market, an increase in the number of available rental properties may arise. Significant lettings in 2006 included a large period house in Dublin 6, which achieved u 8,500 per month and a house in Sandycove which achieved u 12,000 per month.


There was good demand for well-presented family homes with rents ranging from u 4,000 to u 8,000 per month. The planned LUAS extension and the opening of the M50 Motorway to Cherrywood, Tullyvale and Druids Valley, have led to a surge in demand in areas that were previously considered difficult to let.

One bedroom units with parking are achieving over u 1,100. Older apartment developments that have undergone complete refurbishment, such as Salthill in Monkstown and Clearwater Cove in Dun Laoghaire, are attracting higher rents. A typical 2 bedroom unit in Clearwater Cove now achieves u 1,600 per month and a one bedroom, u 1,200. Again, these units are finished to a high standard, well-fitted and tend to be furnished when let. Apartments in Salthill have achieved u 1,600 plus per month for larger two bedroom units enjoying a sea view.

These rents are currently being achieved for apartments in the Pavilion development on Marine Road. the east of Cork city, leased two buildings extending to approximately 5,000 sq m at Eastgate in Little Island. Commercial Real estate Conveyancing is a long process; then again it doesn’t have to be an agonizing one. The US Software Development Company, EMC, has agreed to let a further 5,000 sq m in the Ballincollig town centre development.

Rental levels for all of these transactions were reported to be at the u 185 per sq m per annum level. We have recently launched a newly constructed office building, Cleve Quarter, in Cork Docklands. Bank of Ireland Headquarters at 32 South Mall sold for a reputed yield of 3.25%, proving that the demand for office investments in the traditional business core remains strong.

Eastgate Business Park is now in its final phase and there is strong demand for small units from both owner-occupiers and investors, with sale prices of u 2,690 per sq m being achieved for units of 172 sq m. A number of city based car showrooms will relocate to Eastgate towards the end of 2007 releasing some prime city centre sites for redevelopment.

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One of the largest industrial transactions of the year was the sale of approximately 13 ha, part of the former Mitsui Denman facility at Little Island. In the last quarter of the year, Lisney launched the first phase of the new Harbour Point Business Park at Little Island, which is a mixed-use development on the south eastern corner.

The total development will now cover approximately 20 ha and will cater for all sectors of the industrial market. The units are being offered for sale or to let with sale prices in the range of u 1,992 to u 2,454 per sq m being quoted depending on unit size. Industrial/warehouse rental levels have increased slightly during 2006 for modern well-located units.

This should ensure continued new development activity, which will mainly be concentrated in the east of the city and in Little Island in particular during 2007. So as to purchase a property and not land up in legitimate tussles later on, you have to guarantee that the conveyancer you choose is exceptionally proficient. During 2006, there was increased activity with more sites being offered for sale and values rising significantly. There is a continuing focus on the east of the city towards Midleton and beyond.

The planned opening of the Cork to Midleton commuter rail link in 2008 and the announcement by Amgen that it will develop a large pharmaceutical facility in Carrigtwohill has strengthened this market. Residential development land values around Midleton are now in the region of u 2.4m per ha and in the nearby areas of Cloyne and Whitegate, prices in the region of u 1.7m per ha were achieved. At Broderick Street in Midleton town centre, we sold the former Ormonde Cinema on a site of approximately 0.1 ha for in excess of u 2m.

On the southern side of Cork city, close to the Kinsale Road Roundabout, a record price was achieved for two high profile development sites at auction early in the year. The smaller 1.72 ha site zoned industry/ enterprise sold for u 13.8m, equating to just over u 8m per ha. At Maryborough Hill in Douglas, 1.3 ha of residential development land sold for an unprecedented price equating to u 9.3m per ha. In Cork city centre, a number of infill development sites were sold. These included the former offices of Ernst & Young in Oliver Plunkett Street, which sold for u 7m with a site area of 512 sq m.

The former Atkins Building on Camden Quay, occupying a site of approximately 0.2 ha, achieved over u 12m. In the last quarter of 2006, O’Callaghan Properties purchased a warehouse on Albert Quay with a site area of 0.2 ha for u 8.5m. At Abbeylands, on the outskirts of Waterford city, we sold 26 ha of residential development land with frontage to the main Rosslare Road for around u 25m.

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Glenora, Maryborough Hill, Douglas, Cork went to the market seeking offers around u 1.1 million and achieved in the region of u 1.5 million after competitive bidding. Greenbanks on Well Road in Douglas, the former home of musician Rory Gallagher, went to the market with an asking price of u 2 million and sold later for u 2.9 million.

This is an innovative development for urban living with a mix of large townhouses, 2 and 3 bedroom duplex units and 2 bedroom apartments with prices from u 385,000. Other developments under construction include 900 units at the Old Quarter in Ballincollig, 1,000 units at Castle Lake in Carrigtwohill and 275 units at Convent Avenue in Sundays Well.

Following a number of years of excellent performance, the Northern Ireland retail market still remains fairly strong. However, some retail sectors, particularly bulky goods retail parks, are showing signs of slowing down. In Belfast, historic conditions of an undersupply of prime space has traditionally pushed up rents But the new 74,321 sq m. Victoria Square development will address this and possibly even tip the balance towards oversupply. Major brands such as H&M Hennes, House of Fraser, Goldsmiths, Ideon Cinemas, Lunnas and Urban Outfitters have all taken space.

This illustrates a growing confidence among developers that retailers will occupy the units they create. Of particular interest to Lisney for 2007 will be the commencement of the new open use consent retail park on the site of the Springhill Shopping Centre in Bangor.

We have already let the 6,968 sq m anchor store to Tesco and we will have in excess of 6,968 sq m of open class A1 units to let in early 2007. Conveyancing expenses have persistently been scandalously lavish; by and by it truly is developing to be the situation that this is no more exact.  The grocery sector continues to trade well. The larger operators still pursue expansionary strategies and curiously, despite our low catchment figures relative to those typically seen in England, many of our grocery stores remain among the best performing in UK portfolios.

As retailers find trading more challenging they are less inclined to pursue expansionary policies and, if anything, they are more likely to rationalise the number of units they have. A number of long established local companies selling higher end furniture and homewares are struggling, while companies such as Dunelm, Au Naturale, DFS and the like, continue to trade well.

The differential between local operators and the multinationals is not determined by price or quality in Northern Ireland, but by marketing and advertising budgets. Again this indicates the modern customer’s increasing preference for disposable goods and better value. 2006 has shown encouraging signs in demand for Grade A space, especially from the private sector.

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During this time, in a deal brokered by Lisney, Capita Business Services has taken four floors in the Metro Building in Belfast’s Donegall Square. The Institute of Chartered Accountants in Ireland and Ove Arup have also secured a total of 2,323 sq m of space in Belfast. The majority of our clients have been acquiring properties in mainland UK and we currently manage 31 properties in England and Scotland from our Belfast office.

As well as providing routine services to the properties, we aim to maximize the value and potential of every property within our portfolio. Health and safety legislation places an increasing pressure on property owners, particularly with the recent press coverage of cases being taken against landlords. Arguably land values have increased by 100% in the last 12 months in certain areas and in most parts of Northern Ireland increases of this scale would have been experienced over the last 2 years.

 By and large conveyancer or specialist performs the methodology of property conveyancing; and conveyancing includes the exchange of property possession starting with one gathering then onto the next. The shortage of development land is driving house price growth as there is often limited competition on new housing schemes and landowners hold and refinance sites rather than build them out because values are increasing fast.

As values have risen, in order to advise bank clients more comprehensively, valuation reports are placing more reliance on planning consultants’ advice. The appetite for land seems insatiable at the moment, with many developers securing plots with or without consent and many even speculating on sites outside the development limits.

These are, of course, more medium to long term holds, but with prices rising consistently to over £2.5 million ( u 3.725 million) per ha for the first time, irrespective of location throughout the province, developers are becoming much more strategic. Also, the acquisition of a prominent 6.48 ha site on the edge of city centre for a price in excess of £40 million ( u 59.6 million) (Carvill Group) demonstrates strength in the market place which has not been seen before. In all probability, this site will end up in a mixed-use scheme with residential, commercial and leisure elements.

With rising land values, landlords are keen to exploit the prevailing conditions that, in our view, will continue for the foreseeable future assuming of course that favourable economics continue. Vacancy rates presently stand at 11.5% overall and are expected to fall further throughout the year.

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The facts must confirm that sooner or later inside the conveyancing process each house purchaser has appealed to God for a less demanding path, with a framework to help guide them through the tangled web of property conveyancing melbourne reviews. City centre vacancy rates are lower at 7.7% and will not improve for some time given that much of the city stock under construction is either reserved or in an advanced stage of negotiation.

Vacancy levels in the south suburbs are now at 11.8% and this represents a remarkable turnaround over the past number of years. In terms of take up, 131,000 sq.m. of accommodation has been transacted in the first six months of the year and if take up continues at this rate, 2006 will be the busiest year ever. As usual the city centre is attracting most attention with more than 71% of take up being concentrated there.

This is above previous years when city centre take up has usually accounted for around 55% of total activity, and the reasons for this year’s huge jump remain unclear. However we would expect the professional services sector to have a large impact by the end of the year given the number of big professional practices seeking substantial amounts of accommodation.

Notable deals completed in the second quarter of 2006 include the Department of Welfare’s acquisition of a lease in Parnell Street (4,521 sq.m.) and Digiweb’s purchase of 3,574 sq.m. in Blanchardstown. All in all the signs for continued strength in the market are present, and we anticipate that 2006 will be a record year both in terms of take up and rental growth.

Total returns on all commercial property investments were 8.4% for the second quarter and 29.5% for the year to June. This performance is driven by strong economic growth which, at 5.5% per annum, continues to generate demand for business space. The Dublin office market, particularly in the city centre, continues to attract investors’ attention with supply running short and signs of real rental growth beginning to feed through. In terms of retail, increased supply of retail-warehousing space may see investors shy away from this area and focus on high street opportunities.

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Yields in the UK investment market are at an all time low with prime retail yields down to 4%. Prime Mayfair office yields have fallen to 3.75% and the best industrial investments are achieving 5%. This 1.25% spread between the three main asset classes is the tightest it has ever been.

Similar to the Irish experience, this reflects both the weight of money seeking investment opportunities, and an underlying confidence in the occupier markets. UK Economic growth has rebounded from its low of 1.5% in 2005 and is expected to be at least 2.4% in 2006. This, combined with established rental growth in central London and early signs of rental growth in the regional office markets, has kept a downward pressure on yields overall.

The 25 basis points increase in both Sterling and Euro base rates in early August is putting debt funded buyers under increasing pressure when bidding against institutions. Germany is undoubtedly the current market of choice for most Irish investors looking to Europe. It is the third largest economy in the world, and is starting to awaken from a long period of negative overall returns. Yields are under downward pressure with the weight of international money and a traditionally illiquid market dynamic driving values.

The price of building land has continued to rise dramatically, despite some indications that fewer bidders are coming forward for some of the sites being offered. Ultimately these sharp increases in the price of development land are being driven by trends in the value of end product residential units. Latest figures show that house prices continue to escalate at around 15.4% per annum nationally, and this has underpinned the amount that developers are prepared to pay for residential building land.

These rapid house price increases are being driven by several factors. Conveyancing authorities help you concentrate all these things. There are a couple of firms, which provide for you fabulous organizations in this point of view.

The demand from persons seeking accommodation is growing strongly, with Census figures showing that Ireland’s population has risen by 8.1% over the last four years. This reflects not only organic growth but also strong immigration, with 271,300 non nationals now living in Ireland. In addition, more housing is needed as the population is being distributed among smaller family units.

Continuing employment growth and increased earnings (supported by the new partnership agreement and a second round of public sector benchmarking) have also boosted demand, as has the continuing low interest rate regime.

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Elsewhere developers are more cautious and generally seek opportunities to purchase where rezoning has already occurred and a known density of development will be achieved. North Dublin is also popular and many period north city areas are closing the price gap with their south side counterparts. Fingal has the largest amount of residential building land in the eastern region and enormous pressure exists for more development and rezoning in all the north county towns and villages.

Lawmakers and real estate professionals on both sides of the Ohio River are seeking ways to fill in the gaps that make settlement agents perth cheap owners vulnerable to fraud. Lisney associates Smith Harrington are very active, and in many parts of Kildare with strong activity in Naas and Newbridge. The commencement of the two year M50 upgrade programme in west Dublin will alleviate congestion and reduce commuting times into east Kildare.

Overall, prices will continue to rise for Dublin development land, and Lisney has ongoing strong interest in all development opportunities offered for sale. The Dublin new homes market can be analysed under two headings – not North and South, but rather city and suburbs. Within the city, the factors listed above, along with the growing popularity of urban living, have led to a very strong rental market. This has attracted investors who still remain the key players.

Investors remain key players and owner occupiers are still attracted by the lack of a stamp duty liability on new homes under 125 sq.m. Against this positive backdrop, Lisney New Homes is anticipating a busy second half of 2006 and a vibrant 2007.

And looking forward to next year, we will be launching Walthill Properties’ detached housing development in Orwell Park, and Astondale’s mixed housing development off Butterfield Avenue in Rathfarnham. There has been huge overseas activity by Irish property buyers in recent years. Hungary has attracted more than its share of this mobile capital, and continues to offer excellent opportunities for discerning buyers. Lisney Overseas Residential is targeting two segments of the market in Hungary.

The outlook for luxury apartments in Budapest is excellent. The economy is forecast to grow by a solid 4.6% this year, and 4.2% in 2007. And, with Hungary’s proposed entry into the Eurozone in 2010 expected to bring about lower interest rates and further inward investment, demand for luxury accommodation will continue to grow.

Luxury golf resorts are Lisney’s second tip for investors in Hungary. The Hungarian market is undersupplied with golfing opportunities. There is currently only one golf course for every 1,425,000 people, compared to one course per 12,000 in Ireland.

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Property conveyancing process is tough and special person are there to perform the full process called as the conveyancers. But the point is that the conveyancers should have license and experience to perform the conveyancing process in right ways. Again, other research evidence reveals that planning authorities’ practices are highly variable and in many cases they focus almost exclusively on the establishment costs and short term maintenance costs (i.e. typically for 1 or 2 years).

This, along with the development of Hungary’s economy and tourist industry, should drive up capital values and rents in luxury golf resorts. Lisney is currently offering properties in the five star Zala Springs spa and golf resort in South West Hungary at prices ranging from €1650 – €3500 per sq.m. This represents a discount of nearly 60% on comparable Spanish resorts. Zala Springs is located 15 minutes away from Hungary’s second international airport FlyBalaton, and offers 5% guaranteed rental yield for three years in the clubhouse and spa apartments.

The Bill aims to fast track the delivery of critical projects by allowing planning applications to be lodged directly with An Bord Pleanála. This would by-pass the first stage of the existing process which currently requires the agencies promoting large scale projects to lodge a planning application with the local authority in the first instance.

Because of the specialist knowledge required to appraise major infrastructure schemes, a dedicated division is to be set up within An Bord Pleanála to assess these applications. The Bord will seek observations from interested bodies such as local authorities and, where the project crosses a national border, the relevant bodies in that country will also be consulted.

In the past he has played a significant role in the rejuvenation of Dublin city centre and the development of Tallaght town centre, and was responsible for the acquisition of all the lands for Dublin’s motorway ring. Alan’s experience and knowledge will lend a unique force to Lisney’s already strong, multi-disciplined development team, and it underpins our confidence in the future of the development market.

On the market for the first time in 75 years, Cooke’s House in West Burton, West Sussex was sold in the early summer by FPDSavills. Probably the most successful sale of the Spring with the property achieving well over the guide of £3 million due to exceptional interest and competition.

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The presumption about future funding benefits is that these will be borne by local authorities or some willing third parties. However, there is no hard evidence to verify or guarantee that such benefits will be adequately funded in the long term. Act Conveyancing Sydney manages the complex as well as the simple steps of the legal conveyancing process properly.

It was originally known as Halls Place, but when Margaret Hall married Richard Cooke in the late 16th Century, the name was changed. The subject of several Country Life articles, Cooke’s House has beautiful stone elevations with stone mullions, a stone gabled porch with ball finials and brick quoins , under a Horsham slab and tiled roof. The exquisite formal gardens, which include a number of outside “rooms”, were laid out by Gertrude Jekyll.

The property is set in a wonderful position on the southern fringe of the unspoilt Conservation village with lovely views towards the South Downs, and is about 4.5 miles south of Pulborough and 6 miles from Petworth. FPDSavills and Strutt & Parker announced their instruction to sell Endsleigh on behalf of the Endsleigh Fishing Club and the Endsleigh Charitable Trust in September. The chronic lack of supply in the prime markets will support values where FPDSavills Research see prices rising by between 4% and 6% in 2004.

In the West End take-up was 49% down on trend, while in the City it was 31% below the long term trend.While the vacancy rates in the West End, City and Docklands submarkets are some way off their early 1990’s peaks, there are no indications in any of these markets that the vacancy rate had peaked by the middle of this year. Looking ahead we see no prospect of a recovery in rental growth until the vacancy rate has peaked. In both the City and the West End this looks likely to be reached at some point in 2004.

After that point the rate of recovery in rents is unlikely to be strong because of the level of oversupply, particularly in the City of London. Our latest forecast is for a 3.5% recovery in rents in the West End in 2004 and a further 9.5% fall in the City. Total take-up in the M25 market area was 1.5 million sq ft during the first half of 2003.  On an annualised basis, this year this is 49% below the 10-year average and 14% below take-up for 2002.  The Western Sector took an increasing share, accounting for 65% of the total.