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.