The main trend in the Dublin residential property market over the last 18 months is supply not meeting demand and this continued in Q1 2025, with Owen Reilly reporting continued strong demand across both sales and lettings. Despite broader economic uncertainties, buyer and tenant activity remains robust, driven by tech professionals, first-time buyers, and high-income renters seeking quality homes.
Our average selling price in Q1 was €593,934, 9.6% above the average asking price of €555,257, the highest variance we have ever recorded, and much higher than the +6% for the same period last year. Notably, 80% of properties sold above asking, underscoring sustained buyer competition and confirming it’s a seller’s market. Supply in Dublin was actually up 2% on Q1 2024 with 3,344 listings according to Myhome.ie.
Apartments continued to outperform houses in terms of speed to sale, averaging just 7.8 weeks on the market compared to 12.8 weeks for houses. However, houses achieved greater uplifts, selling for 14.8% over asking on average.
Buyers remain predominantly owner-occupiers (83%), with 66% of those being first-time buyers. The average buyer age was 41. Funding was split between mortgage (57%) and cash (43%) purchases, with a strong domestic market – 65% of buyers were Irish, followed by European nationals (20%) and Asian buyers (12%). Over 60% of our sellers were landlords, a continuing trend now for 4 years.
While higher-value transactions (€1M+) showed more stability (1.4% average uplift), the €500k–€1M bracket was the most competitive, average selling prices were 11.9% over asking.
“The first quarter of 2025 reaffirms what we’ve seen over the past year: demand is outstripping supply, particularly in prime urban locations. Well-presented apartments are selling quickly, while quality houses still command a premium.”
In the lettings sector in Q1 our average monthly rent was €2,962. One-bedroom units averaged €2,168, while two- and three-bedroom units achieved €2,978 and €4,835 respectively. The highest rent achieved this quarter was €11,600 per month for a premium three-bedroom penthouse at Opus, demonstrating renewed appetite for high-end rental stock.
Tech sector professionals continue to dominate the rental market, representing 45% of tenants, followed by finance (15%) and other professional services. The average combined tenant salary was €145,997, and the average age was 37. Household types were mainly couples (52%), singles (29%), and sharers (19%).
Tenants as always were mostly international, with European nationals making up 38%, followed by Irish tenants (31%) and global professionals from regions including Asia, India, and the UK.
Owen Reilly added:
“The rental market remains competitive at the top end, with strong demand from international professionals. Our lettings team continues to see rapid take-up for well-located, high-spec properties.”
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