Ireland’s economic upturn has helped the country’s capital move up the rankings of the world’s most liquid property markets, according to Real Capital Analytics (RCA).

According to the RCA Capital Liquidity Scores report, Dublin is now ranked in the top 25 of the world’s most liquid real estate markets. That compares with the city’s ranking at 151 from 155 global markets in the depths of the financial crisis.

The research from the property data firm states that the “transformation in the fortunes of Ireland’s economy and turnaround” in Dublin’s real estate investment sector since the crash in the financial crisis a decade ago, has propelled the Irish capital up the rankings.

The report which covered 155 international markets showed that central London was ranked as the most liquid real estate market globally on the eve of the Brexit referendum vote in June 2016, but has since slipped to 10th place at the end of last year.

New York’s Manhattan commercial real estate market maintained its post-crisis level of liquidity and remains the most liquid market in the world.

Tom Leahy, RCA’s senior director of EMEA analytics, said: “Dublin’s real estate investment market is one of the great recovery success stories of the post-crisis European property market cycle.”

Leahy said the market has moved from being debt-driven and dominated by local market players before 2008, to a recognised international institutional investment destination where pension funds and other investors are “comfortable in placing their equity” in offices, private rented residential and other property sectors.

“As prices have risen and yields have fallen, RCA’s liquidity benchmark showed Dublin’s score climbed to a record high at the end of 2018.

“However, if the dramatic turnaround means liquidity has improved significantly, it also makes the Irish capital look the most volatile global market covered by the research, with the widest range in scores of any market covered. This presents itself as a risk to investors, should liquidity evaporate again in the manner it did during the last downturn.”