Investment in development land deals down on 2016
So far this year €456m has been invested in development land deals in Ireland.
The value of the investment land sales in down on the same period in 2016, when almost €640m had been invested in investment lands by 30 September 2016.
Now that the volume of deleveraging activity from NAMA and various banks has eased considerably, the volume of transactional activity in all sectors of the Irish commercial property market, including the development land sector, is down year-on-year compared to the volumes traded in recent years, a statement from commercial property consultants CBRE Ireland said.
In the development land sector, the biggest challenge remains a shortage of land being released for sale.
The number of actual development land deals that have taken place so far this year is up slightly on last year to 79, from 75. Although the number of sales remains strong, most are relatively small in size with a shortage of large sites being offered for sale, a spokesperson for CBRE said.
Overall, in the three months to 30 September this year 29 development land sales were signed totalling more than €187m between them.
Volume of Development Land Sales 2009 – 2017 YTD