Ireland's real estate investment market has gathered so much pace in 2014 that the volume for the first quarter equals about half the total spend in 2013, CBRE has reported.

Ireland's real estate investment market has gathered so much pace in 2014 that the volume for the first quarter equals about half the total spend in 2013, CBRE has reported.

According to the property adviser, a total of 37 investment transactions of more than €1 mln in value were signed in the Irish market during Q1 2014, totalling €938.5 mln, compared to a total spend in the Irish market in 2013 of €1.78 bn in 96 individual transactions.

These figures exclude loan sales activity. There were more transactions signed in the Irish market in the first three months of 2014 than during the entire 12 months of 2012.

Marie Hunt, executive director and head of research at CBRE Ireland, commented: 'The first quarter of 2014 has been extremely busy in the Irish commercial property market, fuelled by a significant carryover of transactions from 2013, many of which have concluded during the first three months of 2014. Demand in the investment sector continues at pace with no let-up in demand from domestic and international investors for the various assets and loan portfolios being released to the market for sale'.

According to Johnny Horgan, head of capital markets at CBRE Ireland, 11 of the 37 investment transactions over €1 mln in value signed in the Irish market during Q1 2013 occurred outside of the core Dublin market. However, 94% of the investment spend by value in the period was focussed on Dublin properties.

As predicted in the CBRE Outlook 2014 report at the beginning of the year, there has been more focus on retail investment during 2014. Aside from the recent sale of a 72.8% share of Liffey Valley Shopping Centre in West Dublin, there have been a number of other retail transactions signed in the quarter. About 18 of the 37 investment properties signed during Q1 2014 comprised retail properties, which between them accounted for more than 33% of the value of investments traded in the period.

A further 28.4% of commercial investment transactions completed during Q1 2014 comprised office properties while the largest asset traded in the period - the acquisition of Central Park by Green REIT for more than €311 mln - is classified by CBRE as a mixed-use transaction. As a result, mixed-use accounted for more than 34% of the value of investments traded in the three-month period according to the property consultants.