Commercial Property

Building back better after Covid

Property markets will adjust to the normalising of interest rates. But vendors’ and investors’ expectations will take time to align and market activity will moderate accordingly, writes Dr John McCartney

The Irish property market is robust enough to recover from the shocks of the past couple of years, but it will take a little time to see the direction of travel

Ultra-low interest rates, the defensive nature of our industrial base, and strong corporation tax receipts helped Ireland weather the immediate economic impacts of Covid-19. However, legacy effects of the pandemic continue to influence the global economy, fundamentally altering the context for property markets.

Relaxation of public health restrictions in 2021 triggered a sharp rebound in global economic demand. While this was welcome, the supply side of the world’s economy could not keep up, and the ...