More Than €800 Million Transacted In The Irish Development Land Market During The First 9 Months Of 2019
October 9th, 2019 - Property consultants CBRE Ireland have today released figures for the volume and value of development land traded (both on and off-market) in the Irish market in the first nine months of 2019, which shows that 47 land sales were completed in Ireland in the year to the end of September, totalling more than €800 million between them.
Activity in the development land market in the first nine months of 2019 has been steady with a number of large sales having completed in the last quarter bringing total spend in the year-to-date to more than €800 million. There are a number of sales in legals which will boost this spend in Q4. We continue to witness strong demand for well-located sites although there are clear signs of stabilisation emerging in terms of land prices in recent months.
In addition to developing out existing schemes, CBRE say that much of the focus in the development land sector at present is on design, consultancy and planning as developers prepare to lodge the next wave of planning applications and focus on potential rezoning opportunities in forthcoming development plans. As in other sectors of the commercial property market, much of the activity in the development land sector at present is occurring off-market.
CBRE Group, Inc. (NYSE:CBRE), 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 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 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 150 employees, we work with occupiers, investors and developers of office, industrial and logistics, 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