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While there was an overall 16% in the Irish residential property market in 2014, a prediction of what lies ahead is difficult, according to Marian Finnegan, chief economist with Sherry FitzGerald. “2015 is certainly a more challenging year to predict for many reasons, in particular the recent intervention by the Central Bank, in which the bank seeks to minimise the risk of another credit-driven property bubble by limiting loan to value and loan to income ratios. As this is a proposal rather than a definitive policy it is difficult to factor in what impact it will have on demand in 2015,” she said. Ms Finnegan noted that demand is recovering gradually, reflecting the uplift in consumer sentiment and economic growth. “Supply remains significantly constrained. As such there is every reason to believe that prices will continue to rise at above trend levels in the short term in many locations. This will be particularly evident in the urban centres where supply …
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