Commercial property thriving in Northern Ireland

The market's buoyancy is accredited to a combination of banks clearing their property loan books and a number of high profile properties coming onto the market.

Investor announcements such as the 250 jobs to be created by US legal firm Baker & McKenzie are also contributing to Northern Ireland's progressive commercial property market.

Northern Ireland’s buy-to-let market is also booming, particularly in urban centres such as Belfast, where young professionals have flocked to the cities for work and are demanding high end, long-term rental apartments in which to settle.

Ray Withers, Chief Executive of Property Frontiers, said:

"Prices in many parts of  Northern Ireland are still as much as 50% below their 2007 peak. As prices are now on the move, it's the perfect time for investors to buy, before the market really turns around and prices shoot up again."

The most recent Buy-to-Let Index from Your Move and Reeds Rains has given investors even more reason to look closely at buy-to-let property. The figures reveal that rents are now at an all-time high, with an average of £761 per month across England and Wales, beating the previous record of £758, which occurred during October 2013.

Withers continued:

"Northern Ireland's leading position comes hot on the heels of the news that August was the 15th successive month of price rises, according to data from local surveyors.

"The market there is really showing itself as a robust, long-term prospect, particularly when it comes to residential property investment.”