Some 79 development land sites have been sold in the first nine months of this year at a value of €456 million.
According to real estate advisor CBRE, the total figure includes 29 sites sold during the third quarter at a value of €187 million between them.
This year’s performance appears to be lagging slightly behind that of last year when around €800 million worth of deals were signed. Based on the current trend, the volume of development land sales for this year will come in below that of 2014.
The CBRE data comes as the government ups the rate of stamp duty for commercial land on which residential property hasn’t been built from 2 per cent to 6 per cent - a move that is expected to yield €400 million for the exchequer.
The development land sales of €456 million would have attracted stamp duty of €9.12 million under the pre-budget 2018 regime. However development land sales reaching the same value could attract €27.36. under the revised stamp duty system.
