Values deal with the land to soar amid housing crisis

  • Values deal with the land to soar amid housing crisis
    Independent.t. E.
    Growth in the housing market led to the increase of 59pc in the cost of land, development deals in the past year, through the great Dublin (GDS), cork, Galway and Limerick, according to new figures.
    https://www.independent.ie/business/irish/land-transaction-values-soar-amid-housing-crisis-37201454.html
    https://www.independent.ie/business/article37201453.ece/ea8ff/AUTOCROP/h342/2018-08-10_bus_43150504_I1.JPG

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Growth in the housing market led to the increase of 59pc in the cost of land, development deals in the past year, through the great Dublin (GDS), cork, Galway and Limerick, according to new figures.

The performance was driven by activity in Dublin and surrounding counties Kildare, Meath, and Louth, which together accounted for 91pc of the total value of transactions during the period, according to a study by Cushman & Wakefield.

In total, €375m transaction through a large Dublin, cork, Galway and Limerick in the first half of 2018, a 59pc rise year-on-year.

Compared to the first half of 2017, the total value of deals soared 84pc in Dublin around €321m, and 76pc in the GDA as a whole, as demand for homes continues to grow rapidly.

“2018 was a landmark in the development of a land market, with high levels being witnessed in the residential and commercial sectors,” said Director of Cushman & Wakefield John Donegan.

“One of the key strategic initiatives, driving strong performances particularly in the residential sector was the revision of the standards apartment in March 2018 that has led to increased efficiency in the development of the apartment.”

Overall, sales dropped by 18pc in the GDA in the first half, compared to the same period last year. However, this was largely due to the reduction of smaller sales from a total sales of 5 million euros, a reduction of 22pc. Outside Dublin, cork is the most active market, with just over €29 million in transactions to 30 transactions were carried out at the end of June.

This represents an increase of 25pc in terms of volume and value compared to the same period last year.

Activity in the development land market in Galway and Limerick were relatively calmer in the first six months of the year. While the sites in the two cities traded on the open market, much of the activity in the year so far has been localized out of the market, according to Cushman & Wakefield.

The news comes as data from the banking and payments Federation Ireland show that some 17,337 people were issued with a mortgage loan in the first half of this year amounted to almost 2400 in the past year.

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