Write a commentBest Property Services Annual Review saw both residential and commercial property markets performing positively in 2015, with Land prices continuing to strengthen across the year despite the downturn in the dairy sector.
The residential property market saw price increases of 5-7% across 2015 while demand continues to grow for larger family properties. Strong rental demand is also reported in all sectors of residential property and due to continue into 2016.
Adrian Patterson, Residential advisor pointed to a very positive December as evidence of an active market place. “Traditionally there is a tailing off of new sales in December as we approach Christmas but in the last working week of 2015, over £1.2M of residential property was agreed for sale.”
2015 saw further signs of recovery for the commercial sector Ciara Aiken commented. “Significant sales include a substantial industrial property in Greenbank Industrial Estate and retail premises in Newry City Centre to include Monaghan St, Hill St and Kildare Street.
Increased transaction levels were also evidenced by sales of commercial premises in Armagh, Portadown and Dungannon as well as a rise in commercial EPC requests,” she added.
During 2015 Best were also involved in negotiating claims on behalf of a number of tenants in Millennium Way extension, Lurgan and also the Ballynahinch By Pass. The Lurgan scheme is due to commence ground works January 16 while the Ballynahinch scheme goes to Public Inquiry at the end of the month.
Agricultural Land prices, during 2015 have continued to strengthen in spite of the downturn in most farming enterprises, especially the dairy sector.
Managing Director Garry Best said: “There has been an increased level of interest from the non-farming sector during the past year, both from an inheritance tax perspective and from successful business people seeking farmland as an alternative investment.
“The outlook for 2016 is likely to be more of the same with modest increases in farm land prices set to continue.
“Development Land, on the other hand is currently in strong demand with very little supply, particularly land for Residential housing. We would envisage strong growth and prices increases for this sector in 2016.
“Rural Building Site transaction levels improved significantly during 2015, with competitive bidding apparent in most sales and in some areas prices edging above the £50,000 barrier, not apparent in 2014,” Garry concluded.
