• Demand for residential investment opportunities in Ireland continued at pace throughout 2019 with a record of almost €2.4 billion transacted in the year - more than double the volume of activity in 2018. 2019 spend was boosted by seven multifamily transactions that extended to more €100 million in value compared to four transactions of this magnitude during 2018.
  • Over 170 residential investment transactions extending to more than €1 million have been completed in Ireland since multifamily first emerged in 2012, amounting to a total spend of over €5 billion between them. Almost half of the total volume traded since 2012 occurred in 2019.
  • Compared to 3 transactions in 2012, there were 48 residential investment transactions recorded in the Irish market during 2019.
  • 47% of residential investment transactions in the Irish market during 2019 comprised forward-commit transactions with the remaining 53% comprising standing stock trades. This is a similar split to 2018.
  • Residential investment transactions accounted for 33% of total investment spend in the Irish market during 2019, second only to the office sector, which accounted for 51% of the total €7.2 billion of investment spend in the year.
  • There has been a notable increase in planning applications to develop apartment schemes year-on-year, with planning permission in place for 5,656 apartment units in Q3 2019, compared with 3,139 units in the same period in 2018 - an increase of more than 80% year-on-year.
  • Recent transactions, including several forward-commit deals, brought the total number of residential units under institutional ownership in Ireland to approximately 14,500, with IRES REIT plc now the largest institutional landlord.
  • Prime yields for multifamily investment opportunities in the Irish market are currently in the order of 3.75%, having compressed during the last quarter of 2019. Yields are likely to compress further during 2020 unless there is further Government interventionin the sector in the form of rent control.