A total of 26 development land sales, totalling almost €92 million between them, sold in Ireland during the first quarter of 2017, according to statistics released this week by CBRE.
The figures show that demand continues to outstrip supply in the development land sector. Although several infill sites continue to sell (some of which are trading off-market), there are very few sizable land parcels being formally marketed.
This is at a time when there are severe supply shortages in many sectors of the market, most notably in the residential sector.
Where land is coming available, there is strong demand, particularly for well-located sites that have viable planning permissions.
Commenting on the figures, Associate Director at the Development Department at CBRE, Peter Garrigan said, "We are seeing particularly strong demand for residential sites in Dublin’s commuter belt, with developers encouraged by an increase in mortgage applications and the volume of sales being recorded at various new home scheme launches over recent months."
He added, "Specialist operators in the PRS and student accommodation sectors are particularly active at present. We are also seeing good demand for well-located industrial land along major road networks."
Source: www.businessworld.ie
