Dublin attracting investment for multifamily units - CBRE

Capital placed 10th in report looking at European cities

Photograph: iStock

Photograph: iStock

 

Dublin attracted the 10th highest level of investment in Europe for rental properties, including apartment developments, designed to appeal to a wide range of families, new research shows.

According to a report from real estate advisor CBRE, Dublin attracted €2 billion of investment for so-called multifamily housing. This classification of housing includes multiple separate units within one building or several buildings within a complex.

Between 2014 and 2018, Dublin placed behind Munich and Frankfurt which had €2.1 billion and €3 billion of investment respectively. Berlin was viewed as the top destination with €14.8 billion of investment being spent in the German capital. Copenhagen and London placed second and third respectively.

Commenting on themarket for multifamily housing in Europe, CBRE’s head of research Marie Hunt said: “There was a record €57 billion invested into multifamily housing in Europe in 2018, but this is dwarfed in comparison to the US, which has the most mature multifamily market in the world. Investment into US multifamily grew from $22 billion (€19.6 billion) in 2001, to $175 billion in 2018.”

CBRE’s research suggests that about €6.3 billion worth of capital is “looking to deploy” in the Irish market. In the first half of this year, it noted, more than 40 per cent of investment in real estate was in Dublin.