A comparative analysis of development land deals in the first quarter of 2022 shows a large drop in the value of development – as only 14 land sales generating €70m were completed. This in comparison to last year, which clocked up €107m-worth of deals in the first quarter.
CBRE figures indicate that only a small proportion of the 235 acres sold this year was in Dublin – with the majority being elsewhere in the Greater Dublin Area, of which some was unzoned.
The firm’s Darragh Deasy comments that, “While the development land market is busy and anything that is offered for sale is attracting strong interest, most of the land sales that are being completed are off-market and relatively small in scale.”
This week, two Real Estate Alliance agents, one in Athy, Co Kildare and the other in Loughrea, Co Galway, brought residential development sites to the market. The Athy site extends to 18.55 acres and comes with full planning permission granted last year for 218 houses and a creche. Its mix of one-, two-, three- and four-bedroom houses would also be detached, semi-detached and terraced. REA Boyd is guiding €4.25m, which translates to less than €19,500 per average house site. About 55 acres of land has been dezoned in the Athy area, curtailing scope for future development.
And in Loughrea, REA McGreal Burke is guiding €1.7m for 9.58 acres of land at Caheronaun. Here, 4.94 acres are zoned Town Centre and three acres are zoned residential.
Within 30 minutes of Galway city, Loughrea has also seen demand for commuter homes.
LSL Auctions. LSL News.