2024 proved to be highly favourable for sellers and owners of residential properties in Dublin, though it presented significant challenges for prospective buyers. In January of last year, we anticipated a modest increase in Dublin property values of 1% to 2%. However, the outcome far exceeded expectations. Supported by robust buyer demand, a strong economy, full employment, and declining interest rates, coupled with insufficient supply to meet demand, property values in our key markets experienced an approximate 7% increase. In the rental sector, market dysfunction persisted as landlords continued to exit, and there was a cooling in rental inflation in 2024 driven by the completion of several build-to-rent developments, hybrid working and a slowdown in the multinational sector. Below, we present key trends derived from our 2024 sales and lettings data, alongside insights and projections for 2025.
- Average selling prices 8% over asking prices.
- 74% of listings agreed over asking.
- Average selling price €608,220.
- Supply of homes for sale in Dublin actually up 3% from 2023.
- 82% of our buyers were owner-occupiers, with first-time buyers comprising 66% of this group.
- Investors accounted for only 18% of our buyers, marking the lowest figure recorded in 17 years.
- 56% of our buyers buying with cash funds.
- Dublin 4 recorded the highest average selling price among our markets at €689,000.
- Rent inflation 1.2% over 12 months, lowest figure we have recorded in 17 years.
- 43% of our tenants were employed in the technology sector, a decrease from 49% in 2023 and considerably lower than the 60% recorded in 2022.
Looking ahead to 2025 we estimate property values will increase by 4% to 5% in 2025, though we remain cautious in our projections.
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