The Cork property market is experiencing notable developments across various sectors. Here’s an updated overview:
Residential Property Trends
- Rising House Prices: The average price for a three-bedroom semi-detached house in Cork City and County is projected to increase by 4% in 2024. This trend reflects the ongoing demand and limited housing supply in the region.
- Affordability Challenges: Recent studies indicate that couples need a combined income exceeding €100,000 to afford standard three-bedroom homes in counties like Cork. This underscores the growing affordability gap for many prospective buyers.
Commercial Property Insights
- Investment Activity: In 2023, Cork’s real estate investment sales volumes totaled approximately €190 million, driven by significant transactions, including off-market residential sales and the sale of One Westfield in Ballincollig for €31 million.
- Office Space Demand: The third quarter of 2024 saw a take-up of about 1,600 square meters in Cork’s office market, bringing the year’s total to approximately 12,900 square meters. The overall availability rate stands at 13.1%, indicating a balanced demand for office spaces.
Rental Market Dynamics
- High Demand: Cork’s expanding economy and vibrant student population continue to drive strong demand for rental properties, particularly those well-located near universities and business hubs.
- Energy Efficiency Focus: Tenants increasingly prioritize energy-efficient properties. Landlords investing in upgrades to meet Building Energy Rating (BER) standards often achieve higher rental yields.
Regulatory Environment
- Government Policies: Recent changes to rent control zones and tenant rights necessitate that landlords stay informed. Collaborating with property professionals can help ensure compliance and optimize returns.
At Redfords Properties, we monitor these market trends to provide expert advice to landlords, buyers, and sellers in Cork.
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