Q1 2024 – Investment Market Review

“The slow start to the year as played out in the Q1 figures was expected. However, there are a considerable number of deals currently in legals which, together with the market’s adjusted pricing levels, sets a solid foundation for increased activity for the rest of 2024.”

Brian Gaffney, Director at Murphy Mulhall.

In Q1 2024, the commercial property sector in Ireland experienced a notable dip, marking the lowest investment activity levels since 2013. Total spend was approx. €162 million across 20 transactions. There was significant interest in retail investments, underscored by highlight deals at Gullivers Retail Park in Santry and Kilkenny Retail Park. There was also a large €42million PRS transaction involving the sale of 104 apartments at Shackleton Park in Lucan.

“Despite the overall slowdown, the continued presence of international investors like Iroko Zen, KGAL, and Altixia REIM  bodes well. We have noticed an increase in private Irish investors enquiries this quarter which is positive and perhaps is a sign of local confidence returning.” Brian Gaffney

Looking ahead, the pipeline for the rest of the year appears promising with several major deals currently in legals. These include large retail investments, core office buildings in Dublin and industrial assets. These sales would significantly boost market activity and help establish new pricing benchmarks.

The market, however, is still is currently in its price adjustment phase.

As we move through 2024, the commercial property sector in Ireland stands at a critical juncture, marked by adjusted pricing and a cautiously optimistic outlook for increased market activity.

For further insights and details, contact Brian Gaffney