CBRE Ireland have released statistics on the volume and value of development land sales in the Irish market in the first six months of 2016, showing that a total of 53 development land transactions (totalling more than €489m between them), completed in Ireland during the first half of 2016. This compares with €276m in 54 land sales in the same period last year.
Irish Development Land Sales 2009 – 2016(H1)
Source: CBRE Research
According to Peter Garrigan from the Development Land team at CBRE Ireland, “There has been strong activity in the development land market since the beginning of the year 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 and we expect this will continue to be the case in the second half of the year”.
