Northern Irish market hots up
House prices in Northern Ireland have seen massive growth over recent years according to Government figures, increasing by almost one fifth (17.8%) in 2005 alone. While prices in the UK stagnated in many areas and actually fell slightly in England, the Northern Ireland market has surged due to the improving economy and a growing shortage of homes.
Obel at Donegall Quay is the most significant development to take place in Belfast and is the first of a new wave of mixed use regeneration schemes to bring Northern Irish housing policy in line with the rest of the UK. New legislation is encouraging a more sustainable planning practice in the region and cracking down on ad hoc development.
Obel, a prime target for investors, consists of a 26-storey residential tower, a 144-bed hotel, 41,000 sq ft office space and a double basement car park. Located in a previously derelict area of the key, the Obel project is valued at over £50 million and is set to lead the regeneration of Belfast’s waterfront. All 182 apartments sold out within an astonishing 48 hours of their release, demonstrating the desperate demand for new homes in the city.
Premier Guarantee is already on site overseeing the 14-month basement construction project, ensuring that the highest possible standards of construction are met. All purchasers will benefit from a ten-year guarantee on their property.
Robin Plaster, sales and marketing director of Premier Guarantee commented:“It is an exciting time to be involved in Property in Northern Ireland and we are delighted to play our part in the Development Project for the construction of the tallest building in the City of Belfast. With the need for new homes growing and the regeneration of inner city areas such as Donegall Quay in full swing, this is only the beginning of the transformation of the Northern Ireland Market.”
Aaron Blackburn from developer Laganside added:
“Landmark projects such as Obel send a clear message to the rest of the world that Belfast is fast becoming a modern European city and a force to be reckoned with as an investment destination.”
This project marks the beginning of a new relationship with Premier Guarantee and Willis Insurance Brokers in Ireland.