Commercial property consultants CBRE Ireland have released statistics on the volume and value of development land sales in the Irish market in the first nine months of 2016, showing that a total of 75 development land transactions (totalling almost €640m between them), completed in Ireland in the year to the end of September. In the last three months alone, there were 22 development land sales completed, totalling more than €151m between them.
According to Peter Garrigan from the Development Land team at CBRE Ireland, “As we can see from our research on the value and volume of land deals concluded in the year to Q3, there has been strong activity in the development land market in 2016 following a bumper year in 2015 when more than €770m of transactions completed in the Irish market (excluding the Project Clear portfolio which traded as a loan portfolio). Against a backdrop of severe undersupply in the residential sector and continued strong demand in the commercial property sector, it is perhaps not surprising that the demand for development land has continued unabated in 2016. However, most of the land being traded is in relatively small lot sizes, which is frustrating”.