Our transactional data confirms that values are up nearly 3% in 2023 in the Dublin neighbourhoods we are operate in despite the increase in interest rates, the war in Ukraine and the cost-of-living crisis.
The main reason property prices values are on the rise is quite simply supply is not meeting demand. The number of properties listed for sale in Dublin in September 2023 is 23% lower than September 2022.
Different price tiers, properties and locations have performed very differently across our core markets. Houses in turn-key condition and close to amenities continued to be in high demand and have sold well, once priced accurately.
Our average selling prices were 5.6% over asking with 64% of our listings were agreed over asking. Nearly half of our buyers are buying with cash funds. One in three of our buyers were not born in Ireland, an indication of how cosmopolitan Dublin is now.
In the rental sector, our average monthly rent was €2,698. We saw a reduction in the number of technology tenants. Over 70% of our sellers are landlords exiting the market. There was nothing in the budget that would encourage them to stay or reinvest.
Key highlights:
- 48% of our buyers this year required no mortgage funding.
- Our average selling price was €546,929 or €692 per sq. ft.
- Average selling prices were 5.6% above asking prices.
- 64% of our listings were agreed above asking.
- Investor demand has remained steady at 25% of our buyers.
- Landlords accounted for 72% of our sellers.
- Our average selling times were fast at 5.8 weeks.
- 41% of our tenants were working in the technology sector, compared to 50% in Q2.
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