Introduction
Housing market in Ireland is still challenging due to the shortage of properties due to Covid-19 period, and increasing constuction costs [1-4] compared to high demand [5]. With ECB increasing interest rates and with new homes keep coming to the pipeline, we hope the situation might be changing in the future.
There has also been a trend of smaller landlords leaving the rent market to sell properties as observed recently, which might be good for whom would like to buy a property but might be bad news for tenants with a record high rents in Ireland.
Despite record rents, smaller landlords seem to be leaving in droves, creating a gap in the availability of more affordable accommodation. [1]
Here, we go through recent data regarding properties in Ireland from several perspectives to give an overiew of the current market:
- Sold properties statistics from Property Register
- Daft trends
- Recent CSO report
- Recent mortgage data
- Recent news about housing crisis
Sold properties statistics from Property Register
4596 sold properties have been registered for 2022-07
This is -11.56% change from last month
This is -11.0% change from the same month of last year
This is -11.56% change from last month
This is -11.0% change from the same month of last year
The mean price of sold properties is 399,764.82 EURO for 2022-07
This is 10.41% change from last month
This is 24.47% change from the same month of last year
The median price of sold properties is 290,748 EURO for 2022-07
This is 0.26% change from last month
This is 12.04% change from the same month of last year
The top-5 most expensive sold properties are
This is 10.41% change from last month
This is 24.47% change from the same month of last year
The median price of sold properties is 290,748 EURO for 2022-07
This is 0.26% change from last month
This is 12.04% change from the same month of last year
The top-5 most expensive sold properties are
- Apartments 1 - 297, Blackwood Square, Northwood (109,055,078 EURO)
- APARTMENT BG.1, MELBOURN POINT, BISHOPSTOWN (35,178,712 EURO)
- 6 PORTSIDE COURT, WEST RD EAST WALL, D3 & other properties (17,099,496 EURO)
- CEDAR LODGE, 98 MERRION RD, BALLSBRIDGE DUBLIN 4 (9,400,000 EURO)
- 1-37 Northgate Hall, Kilcarbery Grange, Clondalkin (929,0748 EURO)
Daft trends
The number of properties on Daft tends to be increasing, while still quite far behind the number of pre-pandemic level (approximately 25000 in 2019)
Recent CSO report on New Dwelling Completions Q2 2022
There were 7,654 new dwelling completions in Q2 2022, up 53.4% from Q2 2021, and up 58.8% from Q2 2019 (pre-pandemic).
Apartment completions rose 88.1% in the last year to 2,415 with scheme dwellings up 53.3% to 3,905 and single dwellings rising 15.1% to 1,334.
Just over half (51.0%) of all completions in Q2 2022 were scheme dwellings, 31.6% were apartments. while 17.4% were single dwellings.
Completions increased by more than 50% in Dublin, South-West, Mid-East, Mid-West, and the Midlands.
More than a third (34.3%) of scheme completions were in the Mid-East (Louth, Kildare, Meath, Wicklow).
Nine of the ten Local Electoral Areas with the most completions in the quarter were in Dublin, with the most completions in Ballyfermot-Drimnagh.
Recent mortgage data
Banking & Payments Federation Ireland (BPFI) has published the latest figures from the BPFI Mortgage Approvals Report for June 2022 [8]. The following are the key elements:
- There were 5,960 mortgage approvals, valued at €1,666 million in June 2022.
- Mortgage approval activity increased in volume terms by 14.5% year-on-year and increased in value terms by 30.6% over the same period.
- There were 3,947 purchase mortgage approvals, valued at €1,153 million in June 2022.
- Purchase mortgage approval activity fell in volume terms by 5.3% year-on- year and increased in value terms by 8.0% over the same period.