ASK THE EXPERTS

How do you believe Brexit could affect the property market in Ireland?

AINE MYLER Some sectors like agricultural and food-related industries have already been identified as key risk areas, but so too is the construction sector which relies heavily on labour and materials from Northern Ireland and the UK not only in the housing sector, but also the delivery of infrastructure projects. Any decrease in economic activity could mean reduced employment levels, leading to reduced prices and transactions. KEITH LOWE On the positive side it has led to a plethora of new firms announcing new openings and expansion of their operations in Ireland. London is also more questionable from an investment perspective and this has positively affected the Irish market, which will lead to increased demand. Several recent reports have ranked Ireland very highly as a favoured place for Foreign Direct Investment and there is no doubt Brexit is influencing this. Assuming an orderly Brexit is achieved, we predict a robust property market this year. A bad Brexit could have a negative effect on some areas, especially the border counties and in some rural locations. The effect will be less pronounced in the main urban areas. In fact there could be some positives. MICHAEL GREHAN Dublin could well see an increase in demand for property in a post-Brexit scenario. The strength of our economy, our close ties to the UK and the similarity in our legal structures all point to Dublin benefitting in terms of Brexit migrants. Notwithstanding, the negative outlook for the UK economy and therefore its property market will negatively impact the purchasing power of a cohort of buyers. DARINA COLLINS The first-time buyer/lower end of the market will be moderately affected, if at all. But, transactions are likely to slow down, with vendors taking a ‘wait and see’ approach.