It’s very much a seller’s market with low supply and falling interest rates. Our average selling prices were 9% over asking prices, the highest variance we have ever recorded. 68% of our listings were agreed above asking compared to 53% for the same period last year.
Rental activity in Q3 was notably stronger in the higher end rental market after some adjustments on asking rents. The €2,500+ per month rental market is more challenging as tenants have more choice than a year ago with several build to rent developments vying for the same tenants. This will be a short-term relief for tenants with only a handful of new rental developments set to come to the market in the next 12 months.
Key highlights:
- Selling prices 9.7% over asking prices.
- Average selling price €513,240 or €698 per sq. ft.
- The number of sales falling through increased at 17%compared to 4% in Q2.
- 70% of our sellers are landlords exiting the market.
- 60% of our buyers buying with cash funds.
- Rents in our portfolio up 1% in the last 12 months as extra supply cools rent inflation.
- 34% of our tenants are working in technology compared to 48% for the same period last year.
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