53 DEVELOPMENT LAND TRANSACTIONS TOTALLING MORE THAN €489 MILLION COMPLETED DURING H1
Dublin, 1st July 2016 – Commercial property consultants CBRE Ireland today released statistics on the volume and value of development land sales in the Irish market in the first six months of 2016, showing that a total of 53 development land transactions (totalling more than €489 million between them), completed in Ireland during the first half of 2016. This compares with €276 million in 54 land sales in the same period last year.
There has been strong activity in the development land market since the beginning of the year following a bumper year in 2015 when more than €770 million of transactions completed in the Irish market (excluding the Project Clear portfolio which traded as a loan portfolio). Against a backdrop of severe undersupply in the residential sector and continued strong demand in the commercial property sector, it is perhaps not surprising that the demand for development land has continued unabated in 2016. However, most of the land being traded is in relatively small lot sizes and we expect this will continue to be the case in the second half of the year.
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.
In Ireland, with offices in Dublin and Belfast, CBRE is the country’s largest commercial real estate services company, now employing over 165 employees and offering a full range of property services including property sales and acquisitions, leasing and management, investment, corporate services, debt advisory, project management, consultancy, business rates and compulsory purchase, valuations and research. Please visit our website at www.cbre.ie or www.cbre.ie/ni.