CBRE Ireland has today released figures for the volume and value of development land traded (both on and off-market) in the Irish market in the first half of 2019, which shows that 30 land sales were completed in Ireland in the year to the end of June, totalling more than €415 million between them. This compares to 66 transactions totalling €400 million in the first half of last year.
Peter Garrigan, Director in the Development Land team at CBRE said, “There has been increasing evidence of price stabilisation in the development land sector over recent months as developers react to easing house price inflation, affordability and rising build cost inflation. While we continue to see transactional activity being recorded and particularly strong demand for sites guiding up to €5 million, most of the land coming to the market and transacting at present comprises relatively small infill sites, meaning the overall spend on development land is likely to be down year-on-year, albeit consistent with spend in the 2014-2017 period”.
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.
Sites that are currently being formally marketed include: