IRELAND Law and Practice Contributed by: Diarmuid Mawe, Craig Kenny, Katelin Toomey and William Fogarty, Maples Group
1. General 1.1 Main Sources of Law
over the next 12 months, albeit at a slower pace due to persistent inflation in the euro area. This will support transactional activity and develop - ment across the commercial real estate market. The dominant asset classes in the Irish real estate market remain office, residential (includ - ing social and affordable housing), industrial and retail. Retail Sector The retail sector’s strong performance in 2024 is indicative of a broader economic recovery and increased consumer confidence. The entry of new international brands such as Arket, Icicle and Kiko Milano to Ireland suggests a positive outlook for future growth and diversification within the sector. High-end retail centres, in par - ticular, are benefitting from this trend, attracting premium brands and driving rental growth. Industrial and Logistics In 2024, the industrial and logistics sector expe - rienced global economic uncertainty, resulting in a 50% decline in annual take-up in Dublin. Despite this downturn, the outlook for 2025 is more optimistic, driven by increased levels of nearshoring and Ireland’s strong economic per - formance. Office Sector The office sector’s focus on sustainable, high- quality spaces reflects the growing importance of environmental considerations in real estate. The emergence of a two-tier market under - scores the need for older assets to be upgraded to remain competitive. The strong demand for Grade A+ spaces in prime locations suggests a continued preference for premium, energy- efficient properties.
The main source of Irish real estate law is stat - ute. The key legislative provisions are set out in: • the Land and Conveyancing Law Reform Act, 2009 (the “2009 Act” ) • the Registration of Title Act, 1964 (the “1964 Act” ) • the Registration of Deeds and Title Act, 2006; • the Landlord and Tenant Acts, 1967‒2019 (the LTA); and • the Residential Tenancies Acts, 2004–2022 (the RTA). The other main source of Irish real estate law is case law, derived from judgments of the Irish courts. 1.2 Main Market Trends and Deals Ireland remains the European Union’s fastest- growing economy and an excellent place to invest and do business, offering a high degree of economic and political stability with the ben - efit of a common law legal system and a favour - able tax structure. The Irish real estate market is poised for growth in 2025, with opportunities across various sectors, supported by a stable economic environment and government ini - tiatives aimed at addressing housing and infra - structure needs. For a more detailed analysis of market trends and deals, please see the Ireland Trends & Developments chapter in this guide. 2024 marked a period of gradual recovery for the Irish real estate market following the chal - lenges faced in 2023. The easing of monetary conditions in the second half of 2024 delivered renewed momentum, which is expected to be maintained in 2025. The European Central Bank is anticipated to continue cutting interest rates
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