Northern Ireland property market performing well

While it is fair to say that Northern Ireland has had its fair share of both political and economic woes, the Northern Ireland property market seems to be on the verge of a period of sustained growth. A number of property consultants and property investors have highlighted the region as a potential investment “hotspot” in the short, medium and longer term for a variety of different reasons.

This is a region of the UK which is very often overlooked and unfortunately the stigma of years gone by can be difficult to shake off for some of the investment sectors in Northern Ireland. However, why do experts believe the region is on the verge of a game changing situation?

International investors flocking to Northern Ireland

Northern Ireland has always had a large following in the US with a very strong relationship which goes back many years. We have seen a number of significant and well-known international investors move into the region such as Marcol, RockSpring, Stargime and NewRiver Retail. While perhaps not too well known in the UK these are companies which will be followed by a flock of other investors in due course.

It is also interesting to learn that real estate agents in Northern Ireland are reporting widespread demand for an array of different property types which is always helpful to push the sector forward. Very often in areas which have been depressed in years gone by we see particular focus on a small group of property assets but recent demand seems to be more widely based.

Reduced corporation tax

Many believe that the “game changer” investors have been looking for has arrived in the shape of a reduced rate of corporation tax. This is something which the authorities have been promoting for some time and is likely to have a significant impact upon not only the property market but the economy as a whole.

As we have seen with other countries which have reduced their corporation tax, this can very often attract an array of international companies looking to reduce their corporation tax liabilities. This expected rush of interest will increase demand for office space which in many areas of the country is at a premium. The knock-on effect of this expected influx of new investors and new companies will be to kickstart property developments right across Northern Ireland. The ability to effectively presell the vast majority of new office space is very attractive for developers and there will be no shortage of potential investors.

Is this the real game changer?

There is every chance that the ongoing changes in the Northern Ireland property market and tax regulations will have a major impact upon the economy. The Open golf championship will also be held at Royal Portrush in Northern Ireland in 2019. This will not only increase demand for property in the region but offers the perfect showcase to push further growth in the future.

All in all it seems as though investors have taken a shine to the Northern Ireland property market and this looks set to continue for the foreseeable future.

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