Commercial property booming in Northern Ireland – commercial mortgages

14 November 2006

The property market for investors with commercial mortgages is enjoying significant growth according to an industry expert.

Speaking to the Belfast Telegraph ahead of the Northern Ireland Property Awards on November 16th, Henry Elvin, head of corporate and property finance at Ulster Bank, said that retail and industrial properties are performing well.

Mr Elvin argues that demand for retail property, with some areas demonstrating improving rental growth, is driven by a low number of vacancies.

Commenting on the current market conditions, Mr Elvin said: "It is phenomenal. There is huge interest in property and it makes sense to showcase the Northern Ireland property scene."

According to the bank, sales of industrial property continue to grow, while the market for retail warehousing is proving to be a considerable success.

The Royal Institution of Chartered Surveyors recently reported that demand for industrial property in the UK had risen modestly during the third quarter of the year, while investor activity within the industrial property market remained "quite firm".