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Bridge plans boost property market

Investment in tourism in the South Down area in recent years has seen an increased demand for property in the Warrenpoint and Rostrevor areas – and a Newry based estate agent believes the Green light for the Narrow Water Bridge project would further boost the local property market as well as boost the  bar and hospitality trade. Newry and Mourne has enjoyed over £8m in investment in tourism and leisure products since 2008 and an additional £22,000 b y DSD to improve the appearance of the area ahead of the World Police and Fire Games (WPFG) in August. According to Gary Best from Best Property Services initial feasibility studies estimate 30,000 people will visit Rostrevor Mountain Bike Trails in the first year and the bridge could potentially bring up to 102,600 overseas visitors in the first year. He said both projects have stimulated interest in the Buy to Let and holiday home market on both sides of Carlingford Lough. “Best Property Services are in quite a unique position to witness the impact of tourism investment on property being the only agency in this region acting on a cross border basis,” said Mr Best. “We have noticed an increasing demand, viewing activities and enquiries for properties in Warrenpoint, Rostrevor and Carlingford in recent months. Within a week of the SEUPB funding announcement for the Narrow Water Bridge Project three vacant entertainment premises in Warrenpoint were sold. We see the heightened interest in the area as very positive. It’s encouraging business investment which will obviously drive demand for commercial property.” Mr Best the values of property on opposite sides of Carlingford Lough have varied significantly over the years with Warrenpoint valuations currently much higher than comparable properties in Carlingford. He added: “In the late 1980s prices in Omeath and Carlingford were significantly lower than the Co Down side. The property boom of the mid 2000s saw southern properties matched in value to those on the northern side of the Lough and this year values in Warrenpoint and Rostrevor are stronger than Carlingford. Going forward if the bridge progresses and Finance Minister Sammy Wilson makes that final critical funding commitment, we’d obviously see this translated into rising property values on both sides of the bridge. However it’s the commercial sector that stands to benefit the most. We actively support the bridge project and the work of the Warrenpoint Burren Rostrevor Chamber in bringing this to fruition.”


Newry Democrat

30th April 2013