The main trend in quarter one was the lack of supply of properties for sale. According to MyHome.ie there were 3,006 properties listed for sale in Dublin. This is 27% lower when compared with Q1 2023 when 3,842 were listed for sale. In short, supply is not near enough to meet demand and has created a seller’s market.
Our average selling price was €554,305 or €688 per sq. ft. Average selling prices were 6% over asking prices with 71% of our listings agreed above asking. This is the strongest quarter we have witnessed since the summer of 2020.
Demand was strongest in the sub €500,000 price range where first-time buyers were most active. Average selling times were fast at 7.2 weeks. Demand for apartments, especially upmarket apartments in Dublin 2 and 4 has also increased significantly.
Key highlights:
- 56% of our buyers required no mortgage funding.
- Our average selling price was €554,305 or €688 per sq. ft.
- Average selling prices were 6% above asking prices.
- 71% of our listings were agreed above asking.
- Investor demand accounted for 20% of our buyers.
- Landlords accounted for 59% of our sellers.
- Our average selling times were fast at 7.2 weeks.
- 52% of our tenants were working in the technology sector, compared to 66% in Q1 2023.
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