There has never been a better time to buy property according to property investment and property management specialist Andrew Duggan of Cork based Platinum Property Investments. In what will surely be received as great news by the thousands of people across Cork & Ireland who have already invested in property, Andrew Duggan reports that whilst the prices of houses are decreasing, rental property intake and prices are experiencing unprecedented growth and are encouraging more and more people to invest now while the short term prospect of rental income and medium term prospect of receiving an excellent return on investment is so great.
“We have been renting apartments across Cork for close to a decade now and we have never seen the market this buoyant. When we noticed the house prices in Cork dropping, many of the property investors we work with became alarmed at how their investments would fair. What they have found is a property market that is not on its knees as many of the doomsayers had been predicting, but one that is thriving as apartment rental prices steadily grow through an ever increasing demand for apartments to rent in Cork & Ireland.”
“At Platinum Property, we ourselves have been a little surprised at this trend. Whilst we knew that there would be more demand for apartments to rent in Cork City, we didn’t expect there to be this level of demand and that has prompted a number of small and big property investors to purchase more properties across Cork” he added.
One reason for the increase in investors buying to rent according to the reports is the growing popularity of property renovation and property investment TV shows which often show everyday people with seemingly minimal knowledge of the property market purchasing property, renovating property and selling it on or renting it out for tidy profits.
“We too are fans of these shows and have noticed that many of the viewers we have been speaking with are taking this opportunity after previously being too cautious or unwilling to make the move. These investors do not have much market knowledge but have recognized that property prices will begin to rise again sooner rather than later and that acting now will give them a greater return when they sell in a year or two and a steady rental income in the meantime”
These investment decisions have been made easier by a recent report published by The Royal Institution of Chartered Surveyors which states that record numbers of first-time buyers are currently choosing to rent rather than buy and this is putting huge pressure on rental property prices.
The Association of Residential Letting Agents agrees, recently declaring that demand is simply outstripping supply and it shows no sign of reversing in the near future.
With the rental market thriving like this and property prices approaching unforeseen lows, has there ever been a better time to make the plunge and invest to rent?
Platinum Property is a property management and investment group based in Cork City, Ireland. Specializing in apartment rentals in Cork & Munster, Platinum Property also manage some of the most prestigious properties across Eastern Europe.
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