Irish Multi-Family Accomodation

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There is an increasingly important need for new multi-family accommodations in many main Irish cities. These Irish cities include Cork, Galway, Limerick, Waterford, and also Dublin. As a result of many viability issues, it has not been very feasible over the recent years for large apartments schemes to be brought forward and viability is still a challenge in these locations. The right opportunities should be welcomed in the market and investor interest in these cities is increasing exponentially.

Recent analysis that has been carried out on the Galway market is showing the particularly strong potential in the market, taking into account a number of factors in the city. The things being taken into account include demographics, traditional and modern industries around the city, and the mismatch of supply of demand. Also being accounted for is the compact and attractive nature of the city, the lack of new stock, and the demand for high quality rental properties.

A member of the Irish Governments’ Central Statistics Office Expert Group on Population, Migration and Labor Force Projections has issued new research highlighting recent demographic trends in Ireland. The importance of the Dublin region and the increasing movement of the vast Irish population towards its cities has led to a strong economic outlook. Also, the inconsistencies between Irish Government policy and the realities of population and demographic demands have also proven to be strong forces within the economy and its subsequent housing market.

There has been an expectation that the population will continue to grow in Ireland, especially in its cities. The medium to long term through in-migration, natural growth, and obsolescence in current housing stock will continue to put further pressure on a market that has significant supply and demand imbalances. These factors will continue to drive the increasing need for new housing in urban and suburban areas, especially apartments. Apartments are desired for numerous reasons, the most important being affordability.

Multi-Family accommodation in Irish cities is of utmost important for investors looking to make profits out of the housing market, and for families to find the home that best fits them. If a prospective home-buyer is looking for something to fulfill their personal preferences, then Ireland is the perfect place to make this happen. It does not matter if it is in the main Irish cities or in the suburbs outside of them, there are options for everyone. It is just important to do your homework and see what opportunities you have.

Written by John Spurrier, Mortgage Analyst for Online Application