Thursday, 29 November 2007

Landlords and landowners come up trumps in 2007

Real Estate Alliance members reported considerable growth in the rental market in 2007 around the country, particularly of three bed houses. In some of the most sought after locations of South Dublin rental increases of 15% were recorded. Maynooth and Cork County saw an average increase of 10% whilst Cork City reported increases of 12%. A three bed, second hand semi-detached in North County Dublin now generates €1200 in rent per month, whilst a similar property in Ashbourne can command €1300 a month. Further away from the capital in Sligo and Killarney, rents of up to €900 and €800 are being offered. The stabilising of property prices and increase in rental costs has led to an increase in yields compared to 2006. The best yields from rental incomes were seen in the commuter belt - West Wicklow (4.69%), Drogheda (4.5%), Lucan (4.33%) and Blessington (4.1%). “Such results clearly emphasise the strengths that exist in the current property market and highlight the fact that investment in property can still offer great returns ” said Mr. Healy Hynes, recently appointed Chairperson of Real Estate Alliance