Commercial Property

Value for money is key as development land market softens

With the market for development land easing, state agencies are using the opportunity to invest in property for social and affordable housing

A 29.4 acres site in Brennanstown in Dublin 18 was controlled by Nama which dropped its asking price to €18 million and has gone sale agreed. It could have potential for 370 homes.

After a sharp fall of about 47 per cent in the value of development land deals in 2023, Government-backed purchasers are availing of the softer market to acquire sites for social, affordable and cost rental housing.

The who’s who list of buyers includes the Land Development Agency (LDA), local authorities and approved housing bodies.

Philip Byrne of Coonan Property said the softness mainly applies to large apartment sites.

Developers have been reluctant to build on ...