- There was a sharp fall in development lands sales in H1 2023 with €106 million transacting, down from €256 million during H1 2022.
- There were no large-sized transactions (>€50.0m and €20.0m-€50.0m) recorded in H1 2023, with this category accounting for 51% of spend in H1 2022.
- Mid-sized (€10.0m-€20.0m and €5.0m-€10.0m) and smaller-sized transactions (€1.0m-€5.0m and <€1.0m) comprised 62% and 38% of spend respectively in H1 2023, up from 26% and 23% in H1 2022.
- Residential sites comprised 74% of spend in H1 2023, up from 55% during H1 2022. 67% of the sites acquired in H1 2023 had planning, up from 55% in H1 2022.
- Development land sales will continue to be curtailed in H2 2023 as debt market challenges and a continued elevation in construction costs are compounded by planning delays and uncertainty in relation to government policy decisions.
Robert O’Connor, Associate Director, Research, Knight Frank Ireland