2013 marked something of a Renaissance with confidence returning to all sectors of the market.
Investment sales were £175m - more than the combined total of transactions since the start of the downturn. Well capitalised buyers and pension funds emerged en masse in 2013 to take advantage of the perceived yield gap between Northern Irish property and assets in GB.
Retail conditions gradually recovering with improvement in the labour market and some pickup in consumer sentiment. However trading conditions to remain challenging in secondary and regional towns.
Total take up of warehouse / business space was in excess of 1.7m sq ft throughout NI. The last 6 months have witnessed a greater appetite for financial institutions to lend into this sector.
If as predicted interest rates remain on hold until Q3 2015, this should continue to have a positive effect on house prices and land value throughout 2014.
The Belfast office market is performing in line with trends experienced in regional cities, although we are significantly behind in terms of rental growth, with prime rental levels remaining constant at £12.75 per sq ft.
The inability to service current demand poses a real threat to economic growth as the potential to attract foreign direct investment is debilitated by the lack of available stock.
Source : Savills