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Irish homes asking price up in Q4; London deals surge after election

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Irish homes asking price up in Q4; London deals surge after election

* Asking price inflation for Irish houses grew slightly in the fourth quarter of 2019 at 0.7% year over year, coming from 0.3% in the previous quarter, while it flatlined in Dublin in the final quarter of 2019 from 0.4% in the previous quarter, according to the latest property report from myhome.ie.

The average asking price nationwide stood at €267,000, while Dublin properties had an average asking price of €374,000. The report also indicated that Irish house prices grew at a slower pace compared with wages, likely due to the impact of Brexit uncertainty in the market.

* Demand for properties in London surged following the victory of Prime Minister Boris Johnson's Conservative Party in the recent U.K. general elections, The Wall Street Journal reported, citing brokers. Commercial property investors bought or agreed to buy office buildings in the British capital worth more than £1 billion after the Dec. 12 polls.

Analysts said the surge in property deals reflects renewed buyer optimism, as investors had been hesitant at the prospect of a Labour victory. Analysts also expect deals to surge in 2020, the publication reported.

UK

* Regional REIT Ltd. acquired an office building in Edinburgh for £10.3 million. The three-story property in Edinburgh Park spans 43,676 square feet and is being fully occupied by aviation company John Menzies PLC for 3.75 years. The building provides a net initial yield of 8%.

* A dilapidated mansion near Inverness was acquired by a family from abroad for an undisclosed amount to convert it into a luxury hotel, The (U.K.) Times reported, citing Malik Afsar of Remax Central estate agents.

The 22-room Rosehall Estate was once occupied by French fashion designer Coco Chanel in the 1920s, according to the report. It had been on the market since 2015 with a price tag of £2.5 million.

Netherlands

* Shurgard Self Storage SA said its property in Zoetermeer caught fire and was destroyed. The Luxembourg-based company said it will provide affected customers assistance and support in the claim procedures. The building had about 900 self-storage units. The fire started at a nearby building Jan. 1 and spread to many other businesses in the premises.

The Daily Dose Europe, Real Estate edition has an editorial deadline of 7 a.m. London time. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.