CBRE Ireland 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 2018, which shows that 105 transactions totalling almost €940 million signed in the nine months to the end of September.
This is considerably more than the €748 million annual average spent on development land in Ireland since 2014.
Irish Development Land Spend 2009 – 2018 to Q3
Source: CBRE Research
Activity has been brisk in the development land sector of the market over recent months with strong demand prevailing from both domestic and international bidders said Peter Garrigan, Director in the Development Land team at CBRE Ireland. “ In addition to a notable increase in the volume of stock (including some sizeable land parcels) coming to the market in recent months, several large transactions have completed in Q3 including the sale of Project Waterfront in Dublin Docklands for approximately €113 million, which has boosted numbers”
An increase in the volume of land coming to the market is welcome considering the supply shortages inherent in many sectors at present, most notably in the housing sector.