Property recovery drives Sherry Fitzgerald profitability

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Profits at the country’s largest estate agents, Sherry Fitzgerald surfed the wave of a recovering residential and commercial property market here last year - pre-tax profits rose to €2.9m during 2014, up from a more modest €100,000 in 2013.

Turnover rose by nearly 50% last year to €31m - the company sold more than 5,000 residential units worth €1.5bn.

The company runs on a franchise basis in many parts of the country, but its directly owned business is expanding its number of branches and employees. 

It has opened four new suburban branches in Dublin over the past two years including new outlets in Blackrock and Rathmines.

It employs 352 people directly in its 24 owned offices across Ireland - and its franchise business has an additional 68 offices which employ over 250 people.

Property prices are expected to continue to rise across Ireland into 2016.Research published yesterday by the Property Industry Ireland forecast that 12,000 houses are expected to be completed in during 2015 - below the 21,000 to 25,000 needed to satisfy demand.

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