An Economic and Spatial Plan for Limerick Appendices

More documents

Recommendations

Info

Limerick 2030 An Economic and Spatial Plan for Limerick Table 18: House Prices Asking Price for a House in Limerick City and County Limerick City 1 BED 2 BED 3 BED 4 BED 5 BED 2007 €188,000 €206,000 €255,000 €325,000 €393,000 2008 N/A €211,000 €251,000 €303,000 €359,000 2009 €178,000 €193,000 €219,000 €288,000 €389,000 2010 €89,000 €146,000 €197,000 €264,000 €327,000 2011 €92,000 €132,000 €176,000 €236,000 €247,000 2012 €83,000 €119,000 €166,000 €246,000 €264,000 Limerick County 1 BED 2 BED 3 BED 4 BED 5 BED 2007 N/A €175,000 €210,000 €318,000 €386,000 2008 €167,000 €191,000 €216,000 €319,000 €408,000 2009 N/A €159,000 €192,000 €302,000 €344,000 2010 N/A €148,000 €179,000 €278,000 €352,000 2011 €86,000 €123,000 €151,000 €254,000 €294,000 2012 €75,000 €105,000 €152,000 €242,000 €277,000 Source: Daft.ie As can be seen, the drop in price has been significant, due to factors affecting the demand side. Anecdotal evidence suggests, however, that transactions are only taking place in sub-urban areas and are being made at prices some 25% below the asking price. There is still an overhang of supply in some areas, with unfinished estates and extant planning permissions, that could meet the short- term demand for housing in the wider City area. The rental market in Limerick has also fallen, but at a much lower rate than that of the owner- occupied sector. Table 19: Rental Prices in Limerick City Rental Prices Limerick City 1 BED 2 BED 3 BED 4 BED 5 BED 2007 €592 €790 €888 €1,044 €1,132 2008 €592 €816 €939 €1,086 €1,109 2009 €492 €580 €649 €722 €832 2010 €472 €612 €739 €832 €865 2011 €450 €587 €731 €828 €918 2012 €453 €590 €712 €803 €892 Source: Daft.ie Again, rents remain strong in areas close to the third level institutions and reports from agents suggest that take up is holding at the present time (most likely due to problems in persons entering the owner-occupied sectors). There are significant threats reported to the investor, however, with the smaller investors seeking to exit the market due to the introduction of property taxes. Table 20: Share of Private rented 1996 2002 2011 Limerick City 17.4% 14.3% 24.3% Limerick County 9.0% 8.5% 14.9% Source: ESRI 2012 June 2013 62
Limerick 2030 An Economic and Spatial Plan for Limerick The table above highlights the increasing importance of the private rented sector in the Limerick Housing Market. It is important that investors are not dissuaded from entering this market, given its relative strength, which is expected to continue into the short-term. Reports suggest, however, that sentiment is at an all time low in terms of local investors, with one agent reporting that an investor returned the keys to 17 no. properties in the same estate due to increasing costs (including taxes). Vacancy rates have increased over the past ten years but have stabilised in the more recent past. This is likely to be attributable to the reported lack of development activity since 2009. Table 21: Limerick Residential Vacancy Rates 1996 2002 2006 2011 Vacancy Rate Limerick (City and County) 7.9% 8.2% 12.6% 12.3% Source: ESRI, 2012 30 Vacancy by property type Apartment House 2006 2011 2006 2011 Limerick City 18.3% 30.8% 14.4% 7.6% Limerick County Source: ESRI, 2012 24.8% 27.1% 15.2% 11.9% It is clear, however, that the majority of vacancies relate to apartment type developments, rather than traditional housing and that this disparity has increased. There is a reluctance in the property market to purchase apartments, either as an investment property or as a permanent residence. This is reflected in the drop in asking prices with one agent reporting that no apartments are selling “to locals” and that the last transaction was in the region of €85,000 for a 2-bed City Centre unit. Limerick - Retail The Retail Market in Limerick is underperforming as a whole, with the City Centre in particular suffering. This is due to a number of factors but is generally attributable in the main to the prevalence of out-of-town shopping centres in the area. 31 There are a large number of prime retail units vacant in the City Centre and some of these units have remained vacant for a number of years. The Smyths Toys unit on Henry Street, vacant as a result of the relocation of Smyths to the Childers Road Retail Park, is one such example of a City Centre retailer moving to a suburban location. Vacancy rates in the City Centre are significant with areas such as Sarsfield Street and Cruises Street having notable large vacant units. O’Connell Street also has a number of prime vacant units. 30 ESRI Quarterly Economic Commentary – Special Report, Summer 2012 31 Retail Strategy for the Mid West Region, 2009 June 2013 63
Page 3:
CONTENTS Appendix 1: Baseline Analy
Page 6 and 7:
Appendix 1 Baseline Analysis
Page 9 and 10:
Limerick 2030 An Economic and Spati
Page 11 and 12: Limerick 2030 An Economic and Spati
Page 61: Limerick 2030 An Economic and Spati
Page 113 and 114:
Page 115 and 116:
Page 117 and 118:
Page 119 and 120:
Appendix 2 Limerick Marketing Plan
Page 121 and 122:
Page 123 and 124:
Page 125 and 126:
Page 127 and 128:
Page 129 and 130:
Page 131 and 132:
Limerick 203 An Economic and Spatia
Page 133 and 134:
Page 135 and 136:
Page 137 and 138:
Page 139 and 140:
Page 141 and 142:
Page 143 and 144:
Page 145 and 146:
Page 147 and 148:
Page 149 and 150:
Page 151:
show all

An Economic and Spatial Plan for Limerick Appendices

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?