Irish real estate investment turnover reached €610 mln in the first half of 2013, 6% up on the total for all of the previous year, according to Savills.
Irish real estate investment turnover reached €610 mln in the first half of 2013, 6% up on the total for all of the previous year, according to Savills.
The broker's latest research captured a deal volume of €610 mln for the first six months of this year, compared with €576 mln for the full-year 2012.
Savills noted that the H1 volume represents a more than three-fold increase compared to the same period in 2012, when the investment volume reached €170 mln. The firm suggested this marked increase in turnover is evidence of renewed investor confidence in the Irish market and strong demand from foreign buyers, particularly from the US, Germany, the UK, Israel and Australia.
The market analysis highlights that in this period Irish funds and private Irish investors accounted of 51% of turnover (€312 mln), followed by American buyers, who acquired €161 mln making up 27% of market share. European investors accounted for 13% of market share, acquiring €81 mln in this time period.
In terms of asset classes, Savills noted that the majority of demand was represented by office transactions, with 48% of turnover in the first half of the year in this sector.
Domhnaill O’ Sullivan, investment director at Savills Ireland, commented: 'Turnover for the first half of 2013 exceeded that of the entire 2012, and the outlook for the remainder of the year remains extremely positive. We foresee that with approximately €75 mln of investment property sales already agreed, a further €320 mln of stock currently available and an additional €450 mln of assets expected to come on the market in Q3, we maintain our forecast that turnover will exceed the €1 bn mark by year end, a level which has not been reached since the highs of 2007.'
