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March 2020 Ireland Snapshot

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A brief overview of the Irish economy with Colliers International’s outlook for each property sector, including insights and forecasts for the future.

The Irish commercial property market had a ‘stellar’ 2019 with investment volumes rising to record highs. Likewise, the Irish economy surprised to the upside, despite a few underlying weaknesses, but it also looked well-positioned to benefit from an incipient global recovery in trade. Furthermore, sentiment improved when the UK Withdrawal Agreement was finally approved – an acrimonious UK departure was avoided. Brexit trade negotiations were always going to be tough, but looked well intentioned. What could go wrong?

Unfortunately, February brought with it an indecisive election result, several Atlantic storms and the coronavirus. After three years of UK political dysfunction that set back economic progress across the British Isles, the prospect of Irish political dysfunction extending this unfortunate run is not reassuring. If there is an upside to the coronavirus (which may prove to be short-lived), it is as a menace that could strengthen the resolve of the various political parties to find a workable political solution so as to progress policy on the issues that matter – health, housing and education.

Hopefully, by the time of the next Snapshot release (June), we will have put this period of malaise behind us and returned to the urgent work at hand.

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March 2020 Ireland Snapshot

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