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Q3 2011 Property Survey: Residential & Commercial Market Insights

This quarterly survey provides an overview of the residential and commercial property market in Q3 2011, including average transactions, sale prices, and time to sell. The survey highlights positive and negative feedback from respondents, addressing economic performance, availability of mortgage finance, budget impacts, media negativity, and the sovereign debt crisis. The Society of Chartered Surveyors Ireland (SCSI) and RICS work together to set and maintain the highest professional standards in the construction, land, and property industry, globally.

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Q3 2011 Property Survey: Residential & Commercial Market Insights

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  1. SCSI Quarterly Commercial and Residential Property Survey Q3 2011

  2. Profile of Responses

  3. Activity Fields of Respondents

  4. Residential Property

  5. Average Transactions in Q3 2011

  6. Average Sale Price in Q3

  7. Average Time (Weeks) to Sell Property

  8. Respondents feedback on the Survey Positive • Economic performance / achieving bailout targets restoring confidence internationally • Prominent FI’s promise to resurrect residential lending in December 2011 • 3 bed semi-detached market seems to have stabilised • Financial Regulator’s warning to FI’s not to increase variable interest rates without the ECB increasing its main refinancing rate • Over-supply of certain residential properties in urban area’s is falling

  9. Respondents feedback on the Survey (cont’d) Negative • Lack of available mortgage finance continuing to stifle potential activity • Budget 2012-increases in indirect taxes will further limit potential buyers ability to obtain finance • Media negativity exacerbating the paralysis in the market • Sovereign debt crisis in Europe compounding the uncertainty in the residential property market

  10. Commercial Property

  11. Area of Commercial Property Engaged

  12. Average Transactions in Q3

  13. Average Price per sq foot in Q3

  14. Average Rent per sq foot in Q3

  15. Issues for Q3 Positive • Economic performance / achieving bailout targets restoring confidence internationally • Strong export sector increasing enquiries / transactions for industrial property • Increase in yields for international liquid investors – stabilisation of available office space stabilising prime rents

  16. Issues for Q3 (Cont’d) Negative • Uncertainty surrounding UORR having a negative impact on commercial property market • NAMA properties – difficult for private vendors to compete with these properties on asking price • Media negativity exacerbating the problem • Euro zone sovereign debt crisis deterring international investment

  17. www.scsi.ie Dating back to 1895, the Society of Chartered Surveyors Ireland is the independent professional body for Chartered Surveyors working and practicing in Ireland. Working in partnership with RICS, the pre-eminent Chartered professional body for the construction, land and property sectors around the world, the Society and RICS act in the public interest: setting and maintaining the highest standards of competence and integrity among the profession; and providing impartial, authoritative advice on key issues for business, society and governments worldwide. Advancing standards in construction, land and property, the Chartered Surveyor professional qualification is the world’s leading qualification when it comes to professional standards. In a world where more and more people, governments, banks and commercial organisations demand greater certainty of professional standards and ethics, attaining the Chartered Surveyor qualification is the recognised mark of property professionalism.Members of the profession are typically employed in the construction, land and property markets through private practice, in central and local government, in state agencies, in academic institutions, in business organisations and in non-governmental organisations.Members’ services are diverse and can include offering strategic advice on the economics, valuation, law, technology, finance and management in all aspects of the construction, land and property industry.All aspects of the profession, from education through to qualification and the continuing maintenance of the highest professional standards are regulated and overseen through the partnership of the Society of Chartered Surveyors Ireland and RICS, in the public interest.This valuable partnership with RICS enables access to a worldwide network of research, experience and advice. Society of Chartered Surveyors Ireland38 Merrion Square,Dublin 2, IrelandTel: + 353 (0)1 644 5500Email: info@scsi.ie

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