The latest research from JLL which tracks national investment deals greater than €1million, indicates that total volumes for Ireland’s investment market are close to €3 billion in the first 9 months of the year.
Third quarter volumes totalled €1.0 billion, which is a slight decrease on second quarter volumes of €1.2 billion but is significantly higher than the €600 million that traded in the first quarter. In the year-to-date, approx. 44% of volumes were for residential investment and 28% were for offices.
Activity continues to be driven by larger deals, with 15 deals so far this year greater than €50 million, of which 8 were greater than €100 million. JLL say this is unprecedented activity, with a new trend emerging for larger-sized deals in the market.
Six of the top 10 largest deals were for PRS which has helped to drive activity in the sector. Looking ahead, JLL expect total investment volumes for the year-end to be over €4.5 billion, and potentially to surpass the current peak (2014) of €4.6 billion. This will be boosted by The Green REIT sale, which will be the largest deal of the year and indeed the largest sale ever in the Irish market and is expected to close in the fourth quarter 2019.
Speaking this week, CEO and Head of Investment at JLL, John Moran said, "The market continues to be dominated by overseas purchasers, accounting for approximately 65% of volumes so far this year. They are looking for scale and are showing greatest interest in PRS and office opportunities greater than €50 million that are located in Dublin. Asian investors remain particularly active, as does German capital. Positively we also continue to see new entrants in the market."