The Business Post featured our annual report on the Dublin residential market. It was very much a year of two halves as events again took over with Russia invading Ukraine causing an energy crisis and inflation to surge.
Some highlights include:
The first six months were very much a seller’s market with low supply, low interest rates, a strong local economy underpinned by a booming technology sector, and pent-up demand caused by the pandemic.
In the second half of 2022, price inflation cooled due to a significant increase in the supply of properties for sale with many sellers attracted by the price their neighbours achieved, interest rates started increasing, sentiment was somewhat negatively impacted by economic uncertainty and there were job losses in the technology sector with fears of a major correction.
In the sales market, on average, property prices in the company’s core markets were 5 per cent higher than a year ago. Our average selling price was €643,891. Average selling prices were 4.6 per cent above asking prices and 68 per cent of its properties were agreed above asking.
In the rental market, our average monthly rent was €2,606, a 20% increase on 2021. Open market rental inflation for the year was +16%, a depressing statistic and confirms the state’s complete failure in the housing sector.
Read full article.
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