Commercial property consultants CBRE Ireland today released statistics on the volume and value of development land sales completed in the Irish market in the first three months of 2017, showing that a total of 26 development land sales, totalling almost €92m between them sold in Ireland during Q1 2017.
According to Peter Garrigan, Associate Director, Development Department, CBRE, “Demand continues to outstrip supply in the development land sector. Although several infill sites continue to sell (some of which are trading off-market), there are very few sizable land parcels being formally marketed. This is at a time when there are severe supply shortages in many sectors of the market, most notably in the residential sector. Where land is coming available, there is strong demand, particularly for well-located sites that have viable planning permissions. We are seeing particularly strong demand for residential sites in Dublin’s commuter belt, with developers encouraged by anincrease in mortgage applications and the volume of sales being recorded at various new home scheme launches over recent months. Specialist operators in the PRS and student accommodation sectors are particularly active at present. We are also seeing good demand for well-located industrialland along major road networks”.
