A new report from the DNG Group has found that property price inflation in Dublin accelerated in the first quarter of 2024, as second-hand homes sold for an average of 6% above the asking price.
Over the past 12 months, the report found, prices across all locations in Dublin have increased by an average of 4.3 % – more than twice the 2% increase in the same period last year.
“Competitive bidding for available properties due to a lack of stock has resulted in prices being pushed upwards, particularly for properties in walk-in condition with good energy efficiency ratings,” said Keith Lowe, CEO of DNG Group.
“Our research shows that, during the first three months this year, sales of homes across the capital were, on average, agreed at 6 per cent above the quoted asking price, indicating the strength of demand in the market at the present time.”
The property adviser said that buoyant demand coupled with low levels of available housing stock continue to push up the price of second-hand homes, particularly for buyers at the entry level.
The report found variations in the rates of price growth in Dublin in the period: west Dublin recorded price increases of an average of 3.7 %, while the price growth in the north side of the city was lower at 1.4%, and a 1.6% rate was seen by the property group in the southside.
Paul Murgatroyd, director of research at DNG, said that stock levels were very low and that first time buyers remained the dominant players.
“Strong demand, particularly at the entry level to the Dublin market, combined with the very low stock of available second-hand homes for sale, resulted in an uplift in prices during the first quarter of the year, as buyers competed for the limited supply of homes for sale,” he said.
“First-time buyers remain the most dominant players in the resale homes market at present, accounting for over half of purchases in the second-hand market during the first quarter of the year in the capital.”
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You will own nothing and be happy. Fuel prices shooting up now as well. Not for illegals though, we still pay their fuel, food and housing.
Correct, except revised rules have removed the happy part
Cbdc within 24 montgs
Having lived in Germany a long time and also having built a 300 qm stone low energy house there, I have learned a lot over the quality of building materials, the effects they can have on your health, the feeling of warm and comfort in winter, while the house remains cool during hot summer days. Such a house remains forever! Now, I look at even the ‘high-quality’ Irish houses, built by companies for profit. I think the quality is far behind the german quality and the prices are also much higher, for far less! Irish people should learn more about building their own houses and the pros and cons of the various materials, also the damaging chemicals, as well as the absolutes must/mustn’t-do’s. I fear that the demand for such materials is so low in Ireland, that they might have to be imported by order. You can have nice wallpaper, but is it really hiding the quality? My message is… learn a little first, it will be worth a lot later!
In hot countries, people used to live in whitewashed houses with shutters. The whitewash deflected the sun,. They shuttered the house at mid day and opened the shutters in the cool of the evening. Now, they build glass and concrete high rise with air conditiining and thin walls. Build back better constructed houses and, hey! Greenies! Leave those cows alone!
What kind of tips? Can you share more?
Since Orwell wrote Down and Out in Paris and London, nothing has changed. Society requires all to struggle like hell to barely just get by, whilst the likes of Apple are forgiven a €10 billion tax liability. If there were a party who promised retroactive laws providing the guillotine for national traitors, I would vote for them.
Property prices are falling, they were significantly higher 2 years ago.