Images of the violence currently rocking Northern Ireland are deterring investment in the commercial property market, Belfast agents warn. One deal, worth £1.5 million, has reportedly fallen through due to the unrest which has led to politicians calling for a return to the spirit of the Good Friday Agreement.
Belfast City Hall
An agent told the Belfast Telegraph that the rioting is creating a negative impression among UK and European investors who are beginning to get cold feet over future property investment in the province.
“While we know it’s just small pockets of trouble, to investors sitting in London it looks a lot worse,” he said.
Another agent, from Belfast based Osborne King, said that institutional investors who may have been considering buying in Northern Ireland can easily turn their attention elsewhere.
“The headlines make life a lot harder,” he said.
However an agent from TDK Property dismissed these fears, saying that the market remains resilient and that UK companies considering buying property in Northern Ireland know that “a degree of unrest comes with the territory.”
He agrees that the continuing images of violence on the streets isn’t helpful but he believes that there is a danger of blowing it out of proportion and using it as an excuse for a negative business story.
The unrest, which has continued for weeks, was sparked by the decision to limit the days on which the Union Flag is flown at Belfast City Hall. This has led to clashes between the police and Loyalist demonstrators, with calls for calm falling on deaf ears.
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