£25 Million of Residential Land Deals Transacted
Equating to 65% Of Total Land Sales Value Throughout The Northern Ireland Market.
CONTACT: Lisa McAteer– firstname.lastname@example.org
Belfast, 5th February 2014 – Following the release of the latest LPS Land Comparables for 2013 CBRE Belfast confirms that both the commercial and residential property markets are moving into a positive growth phase. Over £38.35 million in total land sales (c.1,500 acres) transacted across the Northern Ireland commercial property market during 2013, of which, residential land accounted for c. £25 million - 65% of the total sales value.
These latest market figures, and as also evidenced by CBRE's recent Outlook 2014 report, is further proof that last year marked a major turning point for the commercial property market in Northern Ireland with the first tentative signs of recovery emerging in the second half of the year.
In relation to areas, the largest value of deals was completed within the Lisburn area, totalling £6,312,500. In terms of volume of deals, more transactions were completed in the Fermanagh and Dungannon areas than in any other area within the region, with 21 and 20 transactions completing in 2013, with a total transaction value of £5,681,000.
The largest single transaction was the sale of 12 acres at Lylehill Road, Templepatrick in November 2013 which sold for £2,575,000, equating to £214.941 per acre (Image).
A number of smaller sites transacted at a price of over £200,000 per acre. However, generally these sites were at 2 acres or less in size.
Agricultural land sales have varied from £16,000 per acre for 5 acres in Cloughmills to £1,700 per acres for 30 acres of poor quality land in Fivemile town.
Lisa McAteer commented “These transactions signal a positive upturn in the market and prove that confidence in the residential market is continuing to grow, as developers are now actively seeking development sites. Throughout 2013 we have seen competitive bidding on a number of residential sites, which previously would have been virtually unheard of.”
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 (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. 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 110 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, valuations and research. Please visit our website at www.cbre.ie or or www.cbre.ie/ni