€623 million was invested into Irish commercial property in the first quarter of this year, according to commercial property specialists CBRE Ireland.
The total spend for the three month period was down 18% compared to the same time last year.
Figures published today show the spend was spread across 26 transactions.
Three large transactions had an individual sale price of €100 million or more.
The Opus apartment scheme at Dublin's Hanover Quay to Pontegadea, marking the family office of the Zara founder's entrance to the Irish market, was among the major deals during the quarter.
Other top deals included the Ingka Group's acquisition of Buildings 1 and 2 at Palm Capital’s Greenogue Logistics Park, and M&G Investment’s acquisition of the Eglinton Place apartment scheme in Donnybrook.
"Despite widespread expectations to the contrary, Q1 investment volumes in Ireland have surprised on the upside predominantly due to several large deals," said Colin Richardson, head of research at CBRE Ireland.
"The residential sector continues to be defined by acute supply and demand imbalances, and as such investor interest has propelled the sector to account for half of all volumes in Q1.
"While much global macroeconomic uncertainty remains as the year continues, we have now seen some evidence that pricing across core sectors is beginning to stabilize, with the expectations of buyers and sellers increasingly moving closer together," he added.
