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12/03/2015

Dublin will be the focus of development activity, says Savills analysis

Words: Roger Milne
Dublin

International property adviser Savills’ latest report on the Irish development land market says demand for housing and office space will continue to drive up land values in 2015, fuelled partly by the continuing tight supply position.

“We expect to see an increase in the supply of land coming to the market this year. While Dublin is set to be a focal point, with activity particularly likely in Strategic Development Zones and in locations where planning permissions are already in place, regional cities and the commuter counties around Dublin may also experience increased activity,” says the report.

It adds: “Recent government initiatives to stimulate development will likely have a positive impact in 2015, particularly for high-density development in Dublin city centre.”

The report highlights the fact that the residential market is making a slow recovery. “Completions hit an all-time low of 8,301 units in 2013 (1,360 in Dublin) and, while the situation improved somewhat in 2014 with 11,016 new units delivered (3,259 in Dublin), this is still well below the required output of 25,000 units (7,000 in Dublin)” notes Savills.

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