Property – what lies ahead?
It has famously been said that “it is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is most adaptable to change”. I think that this can be said of the property market in Ireland in the past number of years. We have now reached the position where we clearly have a property market which has adapted to the external pressures and which is now starting to find its own position again. Realism has come back to the table and this can be seen in most transactions. Landlords can no longer impose unreasonable lease terms, tenants are facing the reality of the position they find themselves in and outrageous prices are long gone. Yet, the property market is still functioning at a much more sustainable and realistic pace.
Not only have we had to face the consequences of the recession, property law practitioners have also had to embrace a number of new pieces of legislation which have changed property law forever. In particular this year, we have seen changes in the area of Multi Unit Developments, cohabitation and easements which you have read about in our newsletter during the course of the year. More changes are promised next year in the area of Landlord & Tenant Law and particularly the area of rent reviews. We look forward to highlighting these changes to you more in the next few months. As the new Head of our Property and Private Client department, I look forward to working with you all, our clients over the next 12 months on your existing and new ventures and the challenges which these changes may bring.
Jackie Buckley
Hayes Solicitors