Record amount of money invested in Irish property market in 2021
With the housing crisis in Ireland showing little signs of abating in the immediate future, new figures released on Monday morning (4 October) are likely to raise eyebrows.
Almost €800 million was invested in the Irish property market in the third quarter of 2021, representing a 25% spike on a typical third quarter long-term average.
Year-to-date investment volumes in Irish real estate now stands at €3.5 billion, standing as the highest volumes for the period on record and double the volumes seen in the first three quarters of 2020.
"Based on our analysis we expect to see year-end totals of between €4.75 billion and €5.25 billion in 2021, the second strongest year this cycle," said Brendan Delaney, Divisional Director of Investments at property advisor Savills Ireland, who provided the latest data.
Delaney notes that "investor appetite was strong across the board" and added that the multi-family sector continues to out-perform others in the market, citing a total of €414 million worth of multi-family assets that account for 52% of investment volumes in the third quarter.
The figures arrive on the same day that the Government is due to announce its revised National Development Plan, which is said to promise around €5 billion per year for housing.
According to the latest studies, the total number of properties available to buy in Ireland on 1 September was slightly below 12,700.
Currently, there are 50% less properties available to buy when contrasted with one year ago.
Last week, Taoiseach Micheál Martin declared housing as "the number one social crisis of our time" while speaking during Leaders' Questions in Dáil Éireann.