Property experts surprised at developers’ confidence
Drivers Jonas Deloitte’s annual “crane survey” said that work has started on ten new developments over the 12 months up to the end of the second quarter of this year.
That was compared with one at the same time last year.
In the report, Deloitte said: “The confidence shown by developers to kick-start this number of schemes is perhaps surprising considering that the economy remains unsettled and the return to growth in the property market continues to be weak.
“However, much like we have seen in other regional ‘crane survey’ reports, it is the more niche sectors which are leading the recovery. The results show that the traditional office and residential markets have yet to make an impact on the development numbers, with little new activity.”
The report indicated that hotels, which enjoyed a very successful period, had accounted for half of all new development.