Latest news with #land sale
Irish Times
13 hours ago
- Business
- Irish Times
Development land sales sink to lowest in more than two years
The sale of land for development in the Greater Dublin Area and the regional centres of Cork , Galway and Limerick sank to its lowest level in more than two years in the second quarter, a new report from Ireland's largest estate agent says. Sherry FitzGerald's report on activity on the sale of development land during the first half of this year shows the second quarter was significantly quieter than the previous three-month period, with spend totalling about €111 million. That figure covers a total of 17 transactions, which was the lowest number seen since the first quarter of 2023. On top of that, the value of the land transacted was only about half that which changed hands during the same period last year. READ MORE However, when combined with what was robust activity in the opening quarter, turnover for the first six months totalled €372 million, which was greater than the long-term average of €328 million, but also 15 per cent below last year. The report, authored by the company's head of research Jean Behan, suggested policies recently announced by the Government to address the housing crisis are likely to have 'delayed decision-making' among stakeholders, thereby 'stemming transaction activity'. 'It is important to note that the relatively quieter performance during quarter two coincided with the announcement of numerous Government policies aimed at increasing the supply of new homes,' the report said. Greater policy clarity going forward 'should help restore market confidence' and result in stronger transaction activity as the year progresses, it added. [ How much do landlords in Ireland really earn? Opens in new window ] The report said delays in the planning system have contributed to declining forward investment. Photograph: Paul Brown/ Getty Images The report also gave something of a cool welcome to the Government's recently announced plan to ramp up infrastructure spend across the State as it seeks to address an issue that has emerged as a key thorn in efforts to tackle the housing crisis. 'There is still a lot of detail urgently needed as to how Government agencies responsible for delivering these projects will be resourced and regarding timelines for delivery,' it said. 'The impact of the lack of investment in our national infrastructure is having a negative effect on housing delivery, with recent reports of delays to commencement of residential projects due to lack of capacity for water and power connections. 'This highlights the urgent need for clear and concise planning of infrastructure project delivery in a reasonable time frame to generate confidence from international investors and achieve the new housing targets.' The report said delays in the planning system have contributed to declining forward investment, which has led to 'severely curtailed' supply of new homes and reduced transaction activity in the development land market. The report acknowledged recent measures to make the planning system more efficient, but insisted 'adequate infrastructure' to support residential development remains a 'key supply side impediment'. [ An answer to Ireland's housing crisis is right behind us Opens in new window ] All that being said, the State remained an 'active player' in the market during the second quarter, accounting for a number of large transactions, including two acquisitions by the Land Development Agency. The first comprised the purchase of approximately 40 acres of land with a capacity to deliver 350 homes in Lehaunstown, Dublin 18, while the second involved 9.8 acres of land in Cookstown, Tallaght, with a potential to deliver over 700 new homes. The Health Service Executive (HSE) purchased 16 acres of land in Seatown, Swords, for the development of a new primary care facility for approximately €20 million. Another notable transaction involved the sale of 19.2 acres of residential zoned land at Stephenstown, Balbriggan with a potential capacity for 322 units for in excess of €15 million. Outside of the capital, the most significant transaction to take place comprised the sale of 13 acres at Naas Racecourse, zoned for residential use, to Ballymore Properties, for approximately €7.8 million.
Arabian Business
6 days ago
- Business
- Arabian Business
Dubai real estate: Record AED3 billion land sale completed near Dubai Creek Harbour
Knight Frank has brokered one of the largest land sales in Dubai's history, closing a landmark AED 3 billion transaction for a prime masterplan plot near Emaar Creek Harbour, the firm confirmed on Monday. The transaction was completed on behalf of Amlak Property Investments and includes transfer fees in its final value. The buyer was not disclosed. Largest land transaction in Dubai's history The deal, described as the largest ever completed by a broker and the third-largest arm's-length land sale in the city's history, was led by Andy Love, Head of Capital Markets at Knight Frank Middle East, alongside team members James Cresswell MRICS and Dervla Duncan-Cox, according to a LinkedIn post from Knight Frank. 'This milestone underscores the strength of investor confidence in Dubai's long-term vision and the enduring appeal of its real estate market,' the firm said on LinkedIn. The sale also contributes to a personal record for Knight Frank's capital markets team, which has now transacted over AED 7 billion worth of real estate in the past 12 months — the highest ever by any broker in the Gulf Cooperation Council (GCC), according to the company. Located near the fast-developing Dubai Creek Harbour, the sold plot sits in one of the emirate's most strategically positioned growth corridors, underlining ongoing demand for large-scale land deals linked to long-term urban expansion. The record-setting transaction comes amid sustained investor appetite for high-value real estate assets in Dubai, particularly from institutional buyers seeking large, income-generating masterplan opportunities.
