There has been a 30 per cent rise in enquiries to estate agents from UK firms looking to relocate to Ireland as a result of the Brexit vote.

This is according to the Q3 Ireland Commercial Property Monitor which is published by the Royal Institution of Chartered Surveyors in conjunction with the Society of Chartered Surveyors Ireland (SCSI).

The survey also found that 73 per cent of respondents believe there is likely to be an increase in firms looking to move from the UK over the next two years.

Claire Solon, president of the SCSI, said Irish agents expect to see an encouraging level of capital value growth in most sectors over the next 12 months. "The increase in enquiries to agents here from firms looking to relocate from the UK is significant but it's important to note that agents in Germany and Poland also recorded a similar increase while other countries such as Holland, Spain and France also saw a rise in queries. It's clear that while Brexit may generate opportunities it will also generate stiff competition from fellow EU members."

Element of uncertainty

Ms Solon says investment enquiries in Ireland continued to “pick up across all sectors” with the retail segment seeing a resurgence in activity. “But foreign investment demand only increased fractionally for the second quarter in succession with the indicator softening considerably relative to 12 months ago. So there is an element of uncertainty out there.”

The recently published Finance Bill put meat on plans to introduce a new tax regime for Irish real estate funds where a quarter of their value is derived directly from Irish real estate assets.

Ms Solon said the move is likely to have an impact on property investment here. “The detail and scope of this proposed legislation is yet to be fully determined. However, while it will have some impact it is not expected to significantly dampen investment activity,” she said.

The monitor found that while investment sentiment dipped in London immediately after the Brexit vote, it appears to have settled down since as the mood stabilises as expectations indicators point to little change in the foreseeable future.