Despite a sharp slowdown in transactions in the second quarter, total real estate deals finished the first half of the year well ahead of 2024.

However, concerns over the global economic instability caused by U.S. President Donald Trump’s on-off tariffs means the Irish market goes into the second half of 2025 with fears that more deals will be put on pause.

Total real estate deals in Ireland for Q2 reached €378M, with an average deal size of €19M, according to data shared with Bisnow by Colliers. By comparison, total spend in Q2 2024 was €510M with an average deal size of €18M, meaning transactions fell more than 25%.

Offices represented 48% of total transactions completed, retail 43%, and industrial and logistics real estate 6%.

The top deals were the €123.5M Trinity Collection retail park acquisition — Belgard Retail Park in Tallaght, M1 Drogheda Retail Park, and Poppyfield Retail Park in Clonmel — by Realty Income from Marlet Property Group, followed by Kennedy Wilson's sales of €70M for offices at 20 Kildare Street to Deka Immobilien and €68.6M for the 10 Hanover Quay scheme to Amancio Ortega’s investment firm, Pontegadea.

Completing the top five deals, Corum bought the Infinity Building for €42M from a Norwegian investor, and 65-66 Grafton Street, anchored by retailer Massimo Dutti, was sold to a private buyer for €19M.

The Infinity Building just sneaked into first-half figures and was developed originally as George’s Court by Zoe Developments. It occupies a prominent corner location with frontage to George’s Lane, Brunswick Street and North King Street, and it comprises nearly 127K SF of office space.

Total real estate spend in Ireland for the first half was €932M, up 39% on the €670M spent during the same period in 2024. Thanks in no small part to the Trinity Collection sale, retail had the greatest share of sales in the first half at €437M, offices at €270M and hospitality €86M.

Despite industry jitters over the wider economic backdrop, several major bidders are looking at Camden Yard, brought to market by CBRE for around €90M on behalf of the receivers, as lenders attempt to recoup some of their investment in what was once considered one of Dublin’s most exciting mixed-use opportunities.

In December, BGO appointed Grant Thornton as receiver. Main contractor Bennett Construction initiated legal proceedings in January, claiming nearly €8M in unpaid fees, including a high court order to wind up the GA Development Fund, the entity set to deliver Camden Yard.