This report provides an overview of the key developments in the Irish investment property market during 2023, with an outlook for 2024.
2023 saw a myriad of headwinds impede investment activity in Irish commercial property culminating in the lowest level of annual turnover seen in a decade at just over €2 billion. Reflecting the difficult environment, the volume of transactions fell by 25% from the 2022 level to reach a total of 126 trades in 2023. The reduced level of investment was not evidenced across all asset classes. Both the industrial and logistics, and retail sectors saw considerably uplifts in turnover compared to 2022 levels. In contrast, investor spend in both office and residential assets fell significantly to reach approximately 35% of the levels recorded for 2022.