Retail
The opening half of 2024 has seen a growing number of highprofile retail occupiers take up floor space across Dublin, continuing a trend seen in the latter half of 2023. Grafton Street and its surrounding areas have witnessed some notable additions with sportswear brand Castore opening a new flagship concept store, fashion group Icicle moving into the former Royal Bank building, and Danish lifestyle brand Rains opening its first Irish store on Wicklow Street.
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Investment
Irish investment volumes recovered in the second quarter of the year, reaching a total of €514 million across 29 deals. After a very quiet start to 2024, volumes reached their highest levels since Q1 2023 in the second quarter with deal flow well spread across all the major sectors.
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Development Land
The opening half of 2024 saw a welcome increase in activity levels in the Irish development land market with just over €420 million worth of transactions, up significantly from €130 million in the opening half of 2023. Residential sites remain the most popular, with construction company Cairn Homes the purchaser for two of the top five deals in H1, namely 71 acres at Donabate, Co. Dublin for €50 million and over 11 acres at Saggart, Co. Dublin for €12.5 million. Dublin continues to remain the most popular location for investors, accounting for approximately 80% of all transaction activity over the six-month period, with Cork accounting for 10% of the overall spend.
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Hospitality
For H1 2024 a total of €655M was transacted, a near fourfold increase on the approximately €173M traded in H1 2023 – this pushed transaction volumes over the past year to an all-time high of almost €790M. Activity was supported by continued good operational performance across the sector and a couple of large deals including the sales of the Shelbourne Hotel and a majority stake in the Dean Hotel Group. Despite ongoing supply growth, the occupancy and ADR in Irish hotels remained healthy in H1 2024, with only minor softening relative to H1 2023.
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