Lisney has released their Q2 2016 Georgian Office report. Current market conditions mean that there is an opportunity for those who own Georgian properties and are considering a sale. They can capitalise on the favourable market sentiment and achieve strong prices.
Interest has bounced back strongly over the last two and a half years in particular. The number of VP sales in 2014 reached 21. This is an increase of 200% from 2013 levels. Achieved prices ranged from €311 psf to €754 psf. The sale at the lowest end of the range was in need of refurbishment while the property at the upper-end had some short-term income.
There were 12 VP sales in 2015 and achieved prices ranging from €307 psf to €680 psf.At the upper end of the range, the sales included either a mews building or had multiple car parking spaces.
In the first half of 2016, five Georgian properties with vacant possession have sold.Achieved prices ranged from €489 psf to €574 psf. The lowest level achieved has no car parking while the sale with the highest rate has a lift, a significant number of car parking spaces and offers very good residential conversion potential.
Download the full report here