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Brexit and Ireland’s property sector

The report outlines that opportunities and challenges arising from Brexit include:

• Higher FDI flows represent opportunities in the short run;
• Rising prices and rents may affect competitiveness;
• Weaker sterling will impact on exports of building materials;
• Investment in all types of infrastructure will be required to meet the demands from higher FDI inflows;
• Lower economic activity levels would impact on the property sector;
• Availability of property may act as a constraint.

In order to mitigate negative impacts, the report proposes policy measures, including:

• Facilitate increased housing supply: PII urges the Government to implement measures to increase urgently both the supply of new homes and the number of properties in the private rented sector.
• Lower the cost of construction: Action needs to be taken to tackle construction costs. Priority should be given to reducing the impact of taxes and levies on the price of housing provision.
• Address infrastructure constraints: PII calls on the Government to establish a National Infrastructure Authority to independently prioritise essential infrastructure development.
• Regional development and spatial planning: Recommendations include planning reforms, investment in infrastructure, higher density and higher residential building height, and an expanded Build-to-Rent sector.
• Increased competition: Companies need to look at alternative markets to the UK. Firstly, to prepare for more difficult access to the UK market and secondly, to be ready to face increased competition from UK firms looking to service their European client base.
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