Property consultants CBRE Ireland yesterday released figures for the volume and value of investment transactions in the Irish commercial property market in 2019.
According to the property consultants, total spend in the Irish investment market exceeded €7.2 billion in 2019 - a new record for the Irish market, boosted in no small part by the sale by CBRE of the Green REIT portfolio during the year. This brings to almost €29 billion the volume of investment sales completed in the Irish market in the last decade.
Although the overall volume of investment transactions was down year-on-year, there was a notable increase in large transactions in 2019 with 18 transactions extending to more than €100 million completed during the year. Although Irish buyers were active, 74% of investment spend in the year emanated from overseas investors and by virtue of the Green REIT transaction, 51% of spend comprised office investments.
Multifamily investments meanwhile accounted for more than €2 billion or 33% of investment spend in the year, CBRE say this is remarkable considering that this sector didn’t exist prior to 2012.