I am delighted to launch our 36th Annual Residential Property Review & Outlook Report, compiled on the expertise of our
auctioneering & estate agency members across the country. 2018 was a busy year for many, although not evenly experienced across the regions and we are encouraged to hear from members that activity has and is continuing to increase year-on-year. The Irish economy continued to grow strongly in 2018. Most of the key economic indicators which impact the residential housing market point to continued positive performance in the sector.
There are clear challenges in 2019 and, apart from obvious ones like Brexit, the threat of higher interest rates, increasing mortgage payments and general affordability may become a factor sooner rather than later. Nonetheless, the Central Bank, ESRI and other commentators have optimistic outlooks for economic performance of c. 4.5% GDP in 2019. All projections, however, are based on the assumption (or hope!) that an acceptable deal between the UK and EU will be agreed to avoid a hard Brexit, as our economic wellbeing is highly dependent on a favourable outcome.