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With Newry and Mourne enjoying over £8 million investment in tourism and leisure products since 2008 and an additional £22,000 by DSD to improve the appearance of the area ahead of the World Police and Fire Games (WPFG) in August as well as the hopefully soon to be announced bridge project there is no doubt that tourism has impacted on interest in properties here.
Garry Best, Director of Best Property Services has researched the impact of tourism on property values and demand in Warrenpoint, Rostrevor and Cooley region.
The completion of the Rostrevor Mountain Bike Trails later this month, the eagerly awaited Narrow Water Bridge Project and the WPFG has already had a very positive impact on the region commercially - an impact which is already translating to property Garry Best says.
“Best Property Services are in quite a unique position to witness the impact of tourism investment on property being the only agency in this region acting on a cross border basis.
“We’ve noted an increasing demand, viewing activity and enquiries for properties in Warrenpoint, Rostrevor and Carlingford in recent months.”
Initial feasibility studies estimate 30,000 people will visit Rostrevor Mountain Bike trials in the first year and the bridge could potentially bring up to 102,600 overseas visitors in the first year.
The anticipated increase of tourists has stimulated interest in the Buy to Let and holiday home market on both sides of the border Bests’ report.
“We see the heightened interest in the area as very positive. It’s encouraging business investment which will obviously drive demand for commercial property.”
Within a week of the SEUPB funding announcement for the Narrow Water Bridge Project three vacant entertainment premises in Warrenpoint were sold.
Garry has reported an uptake of interest in property generally on the Omeath /Carlingford region as a result of the Bridge Project.
The values of property on opposite sides of Carlingford Lough have varied significantly over the years with Warrenpoint valuations currently much higher than comparable properties in Carlingford.
“In the late 1980s, prices in Omeath and Carlingford were significantly lower than the Co Down side. The property boom of the mid 2000s saw southern properties matched in value to those on the northern side of the Lough and this year, values in Warrenpoint and Rostrevor are stronger than Carlingford.
“Going forward, if the bridge progresses and the Finance Minister Sammy Wilson makes that final critical funding commitment, we’d obviously see this translated into rising property values on both sides of the Bridge. However it’s the commercial sector stands to benefit the most.
“We actively support the bridge project and the work of the Warrenpoint Burren Rostrevor Chamber in bringing this to fruition.”
Best Property Services tel 028 306 6811 or www.bestpropertyservices.com
