Commercial Property

2023 on track to become one of ‘weakest years on record’ for investment property market

Sherry FitzGerald believes confidence will return in the mid- to longer- term

Investment property market: capital spend in Irish commercial property remains well below the long term-quarter three average of €788 million. Picture: Getty

New research from Sherry FitzGerald’s commercial division has found that record high interest rates, high building and construction costs, and the cost of borrowing have all contributed to weak performances by the investment property and development land markets this year.

The property agent reported that 2023 looks set to be one of the weakest years on record in both of those markets specifically.

It said that while the outlook for those two sectors will remain ...