Following a weak start, the Irish real estate market experienced a turnaround in 2024, with an influx of US private equity capital and increased investor sentiment. Focus on 'beds, meds, and sheds' remains for 2025, though supply challenges may emerge.
A weak start to 2024 turned to a better outlook by year end; looking to 2025, investors will stay focused on the holy trinity of ‘beds, meds and sheds’, but supply may be an issue
This year began with historically weak investor demand, but confidence or “sentiment” has improved in each quarter since. This is best evidenced by looking at investment spending. First-quarter total investor spend was just €160 million, the lowest quarterly turnover since the global financial crisis. This increased to €540 million in the second quarter and to €600 million in the third quarter. Full-year investment turnover is now forecast to be in the order of €2.
International capital now accounts for 73 per cent of the total capital invested here . Notably absent in 2023, US private equity capital returned to the Irish market in 2024 with a number of sizeable acquisitions including, North Dock at North Wall Quay, and Scape Dublin. Their return is a welcome signal that the market has turned.Australia offers me a more dignified life than the one I had in Ireland.
The office sector remains challenged and out of favour internationally. In Dublin, we face the current headwinds of high vacancy, tech slowdown and “open market” rent reviews. The majority of deals made in the past 12 months took cover in the form of long leases and secure cash flow. There was also a marked preference for central locations and profile buildings.
Real Estate Investor Sentiment US Private Equity Supply Issues Market Turnaround
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