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signs of stability in the property market, says ibf - led signs for sale
The Irish banking federation reported stability in the property market in its latest real estate market monitoring report.
According to the IBF report, the number of properties for sale increased by nearly 30% year on year.
The number of real estate transactions and the level of mortgage withdrawals have also increased.
However, the Federation noted that the situation in the capital was a key factor in driving this trend.
In a commentary accompanying the report, Philip sullivan, chief economist at investor C, argues that improvements in the economic environment should be the basis for a gradual recovery from here.
However, he warned that it would face a number of challenges, including the impact of the expected increase in the recovery of property, the stress tests of the banking sector and the release of further supply from NAMA and the bank.
He also largely denied concerns about the Dublin property price bubble.
"According to the housing price index of CSO, this move only resulted in-57% peak-to-
Prices in Dublin fell to "peak"to-
-Current level
51%, "he noted.
"The low volume of transactions that occur during the cycle trough period may exaggerate the extent of the decline," he concluded . ".
Mr. Sullivan van also proposed the introduction of temporary tax incentives as a means to alleviate the current shortage of home in Dublin.
"In the absence of any meaningful new construction activities, policy makers should consider introducing tax measures to encourage" empty nesters "to trade in order to alleviate the current shortage of home housing in the city, he said.