As 2022 comes to an end, our transactional data in November confirms property price inflation in our key markets continues to moderate. Our average selling prices were 1.6% over asking prices compared to 8.5% in October. Our average selling price was €590,433 and 27% of our sales were agreed above asking compared to over 80% of our sales in the first six months of the year.
We saw increased activity from first time buyers who accounted for 84% of our owner occupier buyers. We saw less demand from investors at only 13% of our buyers. Over 60% of our sellers were landlords exiting the market who were very disappointed with the recent budget. 20% of our buyers required no mortgage funding, compared to 58% in October. This suggests pent-up demand from returning Dubliners because of the pandemic is unwinding.
In the rental market, our average monthly rental value was €2,070 per month. 65% of our tenants were working in the technology sector and 24% of our tenants were Irish, the highest figure we have recorded this year.
Key highlights from our November transactional data:
- Our average selling price was €590,433/€669 per sq. ft.
- Average selling prices were 1.6% above asking prices compared to +8.5% in October.
- The average age of our buyers was 38.
- Investors accounted for just 13% of our buyers this month, compared to 42% in October.
- Average tenant age was 33.
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