New figures from property consultants CBRE Ireland show that a total of 73 land sales were completed here during 2019.
Those 73 sales totalled more than €1.2 billion.
This was down on last year's record result of almost €1.5 billion from 125 deals.
CBRE said the 2019 figures still represented a strong result for the property market, especially given the fact that land prices have stabilised during the last 12 months.
CBRE said its research shows that almost €6 billion of land sales have been completed in the Irish market in the last decade.
45% of these occurred in the last two-year period alone.
Peter Garrigan, Director in the Development Land team at CBRE, said that activity in the development land market during 2019 has been steady with a number of large sales having completed in the last quarter bringing total spend during the year to more than €1.2 billion.
He also said that a number of land sales will now not complete until the New Year, meaning there will be a carryover into 2020.
"We continue to witness strong demand for well-located sites although there have been clear signs of stabilisation emerging in terms of land prices during the last year," he added.