Sharp drop in Irish property investment deals brings 'dismal' 2023 to an end

Sluggish trading in 2023 expected to cast a shadow on the market this year

Significant high-street assets acquired in Cork last year included the North Face store at 39 Patrick Street and the McDonalds restaurant on Winthrop Street. Picture: Larry Cummins

The final three months of 2023 was the slowest quarter in over a decade for property transactions in Ireland, with US and UK investors taking a step back from the market.

The fourth quarter historically accounts for 37% of the year’s investment property spending as bonus culture and tax changes create an urgency to get deals signed.