Ireland saw 243 investment transactions take place during 2014 totalling over £3.5bn, compared to 96 transactions totalling £1.3bn in 2013.
This is according to CBRE’s 2015 outlook for Ireland which highlights 2014 as a pivotal year for the country.
Hotel sales doubled in the year, totalling £266.9m, compared to 33 hotel sales totalling £125m in 2013.
In Dublin office take-up rose from 1.8m sq ft to 2.4m sq ft despite a scarcity of prime stock.
Development land sales reached a total of £527m last year, more than triple the total from 2013 which stood at £156m.
CBRE predicts 2015 will be another good year for Ireland with the recovery spreading out from Dublin and new investors entering the market.
The firm also sees new development taking place in the capital but not before office space shortage pushes rents up to £43 per sq ft.
Enda Luddy, managing director at CBRE Ireland, said: “Commercial transaction volumes and property value improvements exceeded all expectations last year. Irish property was one of the best performing asset classes in the world during the last 12 months and transaction volumes were up significantly in all sectors.
“However, it is important to remember that recent value increases are coming off a low base following an exceptionally severe crash and values still remain considerably below peak levels in all sectors, which will continue to attract investors to Irish real estate over the next 12 months.”
