78 Development land sales completed in the first nine months of 2014
CBRE analysis shows over €334 million spent on Irish development sites in the year to September in 78 transactions
Dublin, 3rd October 2014– According to the latest analysis from property advisor CBRE, 78 development land sales totalling over €334 million have been completed in the Irish market in the first nine months of 2014. This compares with a total of 75 land sales completed in the country in the entire year in 2013. According to the research compiled by CBRE, the value of land sales in the first three quarters of 2014 is higher than the value of land sales completed in the five years between 2009 and 2013 combined, demonstrating the escalation in land sales that has occurred over the last 12-18 months.
According to Wesley Rothwell, Executive Director at the Development Department at CBRE Ireland “We have experienced strong volumes of activity in the development land sector during the first nine months of 2014 and this is certainly expected to continue into the last quarter of the year fuelled in no small part by the need to have transactions completed by year-end in advance of the impending phasing out of the Capital Gains Tax (CGT) waiver later this year”.
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CBRE Group, Inc. ((NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
In Ireland, with offices in Dublin and Belfast, CBRE is the country’s largest commercial real estate services company, now employing over 130 employees and offering a full range of property services including property sales and acquisitions, leasing and management, investment, corporate services, debt advisory, project management, consultancy, valuations and research. Please visit our website at www.cbre.ie or www.cbre.ie./ni