A total of 23 development land sales were signed in the Irish market during Q1 2014, amounting to over €59 mln, according to figures from property adviser CBRE.
A total of 23 development land sales were signed in the Irish market during Q1 2014, amounting to over €59 mln, according to figures from property adviser CBRE.
The Q1 figure compares to sales of almost €200 mln in 75 individual transactions for the entire year in 2013.
Wesley Rothwell, executive director and head of the development department at CBRE Ireland, said: '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.'
Rothwell added that 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'.
