Steve Hinds, e.surv senior surveyor, commented: “Experts predict that the local economy will grow further over the next few years, with increased levels of investment expected in both private and public sectors. Construction is one of Northern Ireland's largest industries, currently employing around 35,000 directly, and many more indirectly in service industries.
“Despite setbacks in the peace process, house prices in the city of Belfast increased by more than 11%. Whilst in Craigavon, Armagh and Fermanagh, South Tyrone they increased by 15% and 20% respectively.”
A high profile development which typifies the transformation of the province in recent years is the redevelopment of the former Maze prison – which will possibly include a major sports arena. Whilst planning permission has been granted for a new John Lewis anchor store (forming part of a wider £200 million pound development at Sprucefield), which is strategically placed on the Belfast to Dublin corridor and will help to further drive up values in the Lisburn South Belfast area.
The area around Belfast city centre is currently being transformed with a number of new projects due for completion over the next two years. One is the £50 million hotel and office development at Donegal Quay which includes Obel Tower, set to become Northern Ireland’s tallest building, all 182 residential apartments were sold within 24 hours of release onto the market.
