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Sales of development land on the rise

Monday, April 07 14:23:13

The first quarter of this year saw a notable rise in development land deals with 23 deals done to the value of E59m commercial property consultants CBRE said today.

This compares to sales of almost E200 million in 75 individual transactions in the entire year last year.

According to Wesley Rothwell, Executive Director and Head of the Development Department at CBRE Ireland, momentum is building in the market.

"Fuelled by improving occupier markets and an imbalance between supply and demand in the Dublin housing market, there has been considerable momentum in the development land sector during the first quarter of 2014 which bodes well for transaction volumes this year. As in many other sectors of the market, there has been a significant carryover of transactions from last year in the development land sector resulting in a stronger Q1 than usual. The supply of land coming on the market is at a similar pace to last year although we expect to see an escalation in this trend over the coming months as the process of deleveraging and the demand for good sites both gather pace. In many instances, development is once again feasible now that rental and capital values have started to increase which is fuelling demand for well-located sites".