Irish real estate attracted a €2.4 billion investment volume during the first three quarters of 2020 according to CBRE Ireland.
According to CBRE, more than €680 million was spent in Q3 in 14 individual transactions. Multifamily assets accounted for 69% of the investment volume in Q3 while 29% was on office buildings.
The firm said that the total was much less than could have been expected if there had not been Covid-19 lockdown in March. The lockdown resulted in most investment sales campaigns being postponed, according to CBRE head of capital markets Kyle Rothwell. He decribed the Q3 figure as “a decent result considering the backdrop and the inability of investors to travel to inspect buildings at present.”
He added that It represents a 59% uplift on volumes in Q2, although CBRE defines that as a ‘lost quarter’ for the market.
CBRE said the continued low interest rate environment coupled with unallocated capital positions means that considerable investor liquidity has built up ready to be deployed into Irish real estate. There has been good underlying demand for assets that have been formally launched for sale since Autumn commenced, the firm stated.