50 Development Land Transactions Totalling Almost €269 Million Completed During H1
Dublin, 3rd July 2016 – Commercial property consultants CBRE Ireland have released statistics on the volume and value of development land sales in the Irish market in the first six months of 2017, showing that a total of 50 development land transactions (totalling almost €269 million between them), completed in Ireland during the first half of 2017. This compares with €489 million in 53 sales completed in the same period last year, when a number of large transactions occured.
While the number of land sales completed in the first half of 2017 is broadly similar to the number traded in the first six months of 2016, the value of transactions completed in the first six months is down year-on-year. Most of the sites traded in the first half of 2017 have comprised relatively small lot sizes with very little of scale being offered for sale so far this year despite the strength of underlying demand for strategic sites. The scarcity of sites of sufficient scale is frustrating considering the number of investors looking to deploy capital in the Irish market at present. Considering the number of transactions that are ongoing at the mid-year point and the work that has started on preparing sites for launch in the Autumn, a busier second half in terms of transactional activity is anticipated. We expect to see greater focus on the release of larger sites or indeed portfolios to the market during the second half of the year. We also expect to see an increase in the number of license deals, joint ventures and forward-funding transactions in this sector over the course of the coming months.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com
CBRE U.C., (CBRE Ireland) registered in Ireland, no. 316570. PSRA Licence No. 001528 is the country’s largest commercial real estate services company with offices in Dublin and Cork. Currently employing over 135 employees, we work with occupiers, investors and developers of office, industrial and logistic, retail, hotel and healthcare property, providing strategic advice and execution for property sales and leasing; tenant representation, corporate services; property and project management; appraisal and valuation; development services; investment management and debt advisory; business rates and compulsory purchase and research and consulting. Please visit our website at www.cbre.ie