Real Estate Update: 2013 Highlights

14 February 2014

2013 has seen the beginnings of a functioning real estate market.  We have major challenges, particularly on debt finance.  However, residential price rises, increased commercial rents in Dublin and the beginnings of development financing are all positive signs.  International buyers have been very active and Ireland now has REIT legislation, as well as a new Capital Gains Tax relief. NAMA, the state asset management agency, announced on 10 December 2013 that it is putting an extra €1bn worth of assets up for sale next year in response to "incredible investor interest".  2014 will see a further increase in activity.

Highlights for 2013 included:

  • The Liquidation of IBRC
  • Strategic Development Zone in the South Docks 
  • International Investment in Irish Assets Grows

The Liquidation of IBRC

The liquidation of IBRC, previously known as Anglo Irish Bank Corporation plc, came as a major surprise.  The special liquidators are currently completing a market-testing phase, (final bids from those wishing to acquire any of the available tranches) of the sale process which will result in IBRC loans either transferring…

Strategic Development Zone in the South Docks

The imminent adoption of a strategic development zone ("SDZ”) in the South Docks area of Dublin is an example of Ireland’s drive to improve, which was recently endorsed by Forbes magazine who ranked Ireland as the best country in the world in which to do business.  The SDZ will give greater certainty…

International Investment in Irish Assets Grows

Only a couple of years ago the idea of major international investors acquiring Irish assets and loan portfolios would have seemed fanciful.  Now, the international element is an important part of the Irish recovery story. Private equity funds, REITs and high net worth individuals have been acquiring everything from…