Irish commercial property turnover hit €620m in Q3

Overseas buyers purchased 62 per cent of total volumes in third quarter of this year

The Grange, Stillorgan: by far the largest transaction completed in the third quarter of 2018

The Grange, Stillorgan: by far the largest transaction completed in the third quarter of 2018

 

Turnover in the Irish commercial property market reached €620 million in the third quarter of 2018 across 41 transactions, according to the latest research from agent JLL.

This is a reduction of 35 per cent on the previous quarter but up 16 per cent on the same period in 2017.

JLL says year-to-date turnover has reached €2.5 billion and is holding to its prediction of year-end turnover in the range of €3-3.5 billion.

Overseas buyers purchased 62 per cent of total volumes in Q3 2018. Their dominance of the market is best illustrated by Kennedy Wilson’s €161 million purchase of 274 apartments and a four-acre site at The Grange in Stillorgan – by far the largest transaction recorded in Q3.

Meanwhile, JLL claims that 67 per cent of the property traded in Q3 was sold by Irish vendors while domestic investors purchased €142 million worth of Irish property.

Offices is still the largest part of the market and accounted for 42 per cent of transactions.

However, JLL chief executive John Moran says all eyes will be watching to see how a number of retail schemes currently on the market fare and will “give a gauge on investor demand and pricing”.

Investment activity in Q3 remained focused on Dublin, which accounted for just under 90 per cent of total investment volumes, while figures for Galway were dominated by the sale of a mixed-use scheme at Citypoint, Eyre Square.