The Brexit and Ireland’s property sector report reviews the likely impact of Brexit on the Irish property market and identifies “some significant risks, but also some opportunities”, the PII said.

The report warns that a hard Brexit could deliver a significant shock to the Irish economy as a whole, which could in turn undermine the performance of the property sector.

However, it adds that Brexit may also bring new economic opportunities, which Ireland may not currently be able to fully benefit from due to infrastructure capacity constraints.

PII has made a series of recommendations to to offset risks, including steps to boost housing supply, expediting vital infrastructure projects and diversifying business into new markets beyond the UK.

PII director Dr David Duffy said: “Given the broad nature of the property sector it seems likely that in the short-run we will see mixed impacts. Some parties could see an upturn in activity as UK firms look to locate some of their activities here, while others will see a negative impact on their trade with the UK due to a weaker sterling.

“Our concern is that in the longer run any negative impacts on economic activity will feed through to the property sector.”