Showing posts with label trends. Show all posts
Showing posts with label trends. Show all posts

Residential Property Price Index March 2023 - The national Residential Property Price Index increased by 3.9% in the 12 months to March 2023

The Central Statistics Office (CSO) released the Residential Property Price Index for March 2023, which shows that the national residential property index increased by 3.9% compared to 12 months ago. 

The good thing is that the 12 month-increasing rate slowed down in the past months as we can notice from the figure below. But still note that 3.9% increase still indicate the house price is increasing. The prices in Dublin rise by 1.7% and prices outside Dublin are up by 5.7%.


Dublin House Prices

If we delve into more details about the Dublin areas, especially houses, we can see that the house prices in Dublin City decreased a little bit. In contrast, we can also notice that South Dublin house prices are still increasing over 6% each month compared to that of 2022.

 




Available Properties

If we look at the number of available properties on Daft.ie, we can easily notice that the stock level is not increasing during the last couple of months. Normally, there should be some increasing trend during the January and Feburary, and the number should be increasing from May to the end of the year in the past years. 

If we look at the increase of the number of properties during the last year, the trend is obvious. However, the trend seems does not hold anymore and the stock level has been steady for both nationally and Dublin, and it seems like the stock level will not go up as usual. This might in turn give an upper pressure to the prices of properties despite of the increasing mortgage interest rates, particularly in the South Dublin areas. 





Irish Residential Property Price Index - January 2023

The CSO (Central Statistics Office) just published the residential property/house price index of Ireland in January 2023. The increasing rate of the residential property price is decreased again to 6.1%, compared to the last January.


Residential Property Price Index 12 month % change



  • The national Residential Property Price Index (RPPI) rose by 6.1% in the 12 months to January 2023, with prices in Dublin rising by 4.3% and prices outside Dublin up by 7.4%.

  • In January 2023, 3,675 dwelling purchases by households at market prices were filed with the Revenue Commissioners, up by 4.4% compared with the 3,519 purchases in January 2022.

  • The median price of a dwelling purchased in the 12 months to January 2023 was €305,000.

  • Non-household entities purchased 13,519 dwellings at market prices in 2022, an increase of 15.1% on the 11,749 purchases made by them in 2021.
  • Non-household entities in the NACE sector K: Financial & Insurance purchased residential dwellings with a total value of €1,562.6 million in 2022, more than in any other NACE sector.
  • In 2022, dwellings with the total value of €356.9 million at market prices were purchased by non-household entities with an address outside of Ireland

Residential Property Price Index - Historical Trends


  • Looking at the historical trends, the price in January 2023 also decreased from last month. 
  • The national index has now reached the value of 167.7, which is 2.5% above its highest level at the peak of the property boom in April 2007. Dublin residential property prices are 7.3% lower than their February 2007 peak, while residential property prices in the Rest of Ireland are 2.4% higher than their May 2007 peak.




Recent Months in Dublin



  • Base 2015 = 100
  • If we dig into details of Dublin, the residential price has been decreasing during recent months from the final quarter of 2022. Similar trends can be observed for sub regions of Dublin for both apartments and houses. 
  • The price of DLR - houses has been decreasing the most compared to others, in line with the overall decreasing trend in Dublin - all. This should include the highest Eircode such as AY94, which has been the most expensive Eircode in Ireland. And usually we can observe the upper market starts to have the easing of the price.
  • The price for South Dublin - houses remain higher compared to others, and started decreasing in January. 
  • With the peak points higher than others, the prices for South Dublin - houses and Dublin apartments have been increased quite higher compared to others.

Given the easing of the price increase observed so far, it would be interesting how the property price inflation goes during this year 2023. Do you feel the house price is stabilizing or decreasing recently?

How to know it is a good area when purchasing a property in Ireland?

One of the common questions when purchasing a property is the area, which might be an important factor to make a final decision on top of the price and condition of a property. In this post, I will briefly introduce the Pobal HP Deprivation Index, which could provide a good overview of different aspects regarding an area of your interests. Although things can change and the people living in that area can change as well as time goes, this at least gives a good reference with public data collected in a certain year.

What is Pobal HP Deprivation Index?

The Pobal HP Deprivation Index is a series of maps measuring the relative affluence or disadvantage of a particular geographical area in the Republic of Ireland, using data compiled from various censuses. 



How to know whether it is a good area when purchasing a property in Ireland using the Pobal HP Deprivation Index?

The website (click the hyperlink) provides a great visualization about the index using different datasets from various years. 

You can zoom in to an area of your interests and click the button highlighted in red below on the right top area of the page, which allows you to select one of the data sources. 



For instance, the updated screenshot below shows the results when we choose the "2016-By Small Area" data source for our visualization. You can choose different data sources and have a look based on those sources.


The colors represent the degree of affluence in that small area, e.g., the orange color indicates "extremely disadvantaged" while the dark blue indicates "extremely affluent".



You could also click a specific small area to delve into details about that area. For example, the figure below shows some useful statistics about the chosen area such as:
  • Total population
  • 3rd level education percentage
  • Local authority rented/Social housing percentage 
  • Unemployment rate (%)
  • ...
  • ...


As you might expect, normally speaking, the property/housing price tends to be higher in those affluent areas when you look at prices listed on Daft.ie compared to less affluent ones.

It would be even better if there is data about recent years, but the most recent year seems to be 2016. So there might be some changes of the areas during the past years as well. Leave a comment or share the post in case it is helpful!

Irish property tredns - January 2023

 From CSO (Central Statistics Office) data till December 2022



  • The national Residential Property Price Index (RPPI) increased by 7.8% in the 12 months to December 2022, with prices in Dublin are rising by 6% and prices outside Dublin up by 9.3%.

  • In December 2022, 5,213 dwelling purchases by households at market prices were filed with the Revenue Commissioners, an increase of 0.8% compared with the 5,170 purchases in December 2021.

  • The median price of a dwelling purchased in the 12 months to December 2022 was €305,000.

  • The lowest median price for a house in the 12 months to December 2022 was €152,000 in Longford, while the highest median price was €625,000 in Dún Laoghaire-Rathdown.


     
  •  The overall trends of residential property price keep increasing,  although the increase rate has been slowing down a little from the previous figure.

 

From Property Price Register data till January 2023


  • 2945 sold properties have been registered for 2023-1
  • This is -55.09% change from last month
  • This is -18.76% change from the same month of last year




 

  • The mean price of sold properties is 345306.9 EURO for 2023-1
  • This is -17.74% change from last month
  • This is 2.96% change from the same month of last year

 

  • The median price of sold properties is 295000.0 EURO for 2023-1
  • This is -1.52% change from last month
  • This is 6.88% change from the same month of last year

 

 The top-5 most expensive sold properties are 

  • 8 MARLBOROUGH RD, GLENAGEARY, DUBLIN (6500000 EURO)
  • GRENAGH, AVOCA AVE, BLACKROCK (5200000 EURO)
  • 12-24 PARK GREEN, COULTER PLACE, DUNDALK (4149289 EURO)
  • HILLSIDE, THE HILL, MALAHIDE (3665500 EURO)
  • 59 MERRION RD, BALLSBRIDGE, DUBLIN 4 (3600000 EURO)

 

From the number of properties available on Daft.ie  we can have an idea about how many properties are available on the market at the moment.

  • The number of properties available for purchase now (~17000) is larger than that one of April last year.
  • It is likely to have more properties from April this year and hopefully towards the level before pandemic.
 
 

  • The ECB interest rate has been increased during the last year several times, and is record high. And it is likely to be increased again, which might hinder the increase of property prices

From the number of mortgage approvals till December 2022 (data from BPFI)

  • A total of 3,635 mortgages were approved in December 2022 – some 1,789 were for FTBs (49.2%) of total volume) while mover purchasers accounted for 798 (22.0%).
  • The number of mortgages approved in December fell by 33.1% month-on-month and by 5.7% year-on-year.
  • Mortgages approved in December 2022 were valued at €996 million – of which FTBs accounted for €485 million (48.7%) and €255 million by mover purchasers (25.6%).
  • The value of mortgage approvals fell by 33.5% month-on-month and 1.5% year-on-year.
  • Year-on-year approval volumes rose by 9.3% to 58,276 while values rose by 17.9% to €15.9 billion.






  • Population in Ireland has been increased a lot, and now it is over 5 million. This causes the shortage of residential properties and the increase of the property price.

Ireland's Property Price Trends

The property/house price growth starts slowing down in Ireland from recent figures and news. Marian Finnegan, the managing director of Sherry FitzGerald says:

"Although demand remains robust, the frenzied bidding activity that was a feature of the post pandemic period has eased"

A recent report by the Economic and Social Research Institute (ESRI), also has suggested that house prices were now overvalued by at least 7 per cent. And the Irish property market is headed for "a perfect storm" of rising construction costs and flattening or falling house prices, an industry expert has warned. There are many aspects contributing to the ease of the rising property price such as:

which are two important factors in the demand and supply game of the property market.

In this post, we go through recent data regarding properties in Ireland from several perspectives to give an overview of the current market:


Sold properties statistics from Property Register


4,473 sold properties have been registered for 2022-9
This is 7.99% change from last month
This is -15.81% change from the same month of last year




The mean price of sold properties is 400,354.55 EURO for 2022-9
This is 6.8% change from last month
This is 8.56% change from the same month of last year

The median price of sold properties is 295,000.0 EURO for 2022-9
This is 0.0% change from last month
This is 7.27% change from the same month of last year

The top-5 most expensive sold properties are 
  • Davitt PRS Development, Davitt Road, Drimnagh (111,280,172 EURO)
  • 1 HAMPTON WOOD SQUARE, HAMPTON WOOD, FINGLAS (54,500,000 EURO)
  • 16 Amber Way, The Miles, Clonakilty (25,338,384 EURO)
  • 3/4 Poplar Row, Annesley Bridge, Ballybough (15,423,665 EURO)
  • 9 - 40 Walker's Grove, Parkside, Balgriffin (14,080,000 EURO)







Daft trends


We can see the number of available properties in Ireland on Daft.ie has been steadily increasing over the last months, including a relatively sharp increase starting from September. It is actually over 20000 multiple times during the last month, which is a good sign of increasing stock of properties in Ireland.




Recent CSO Report on Residential Property Price Index August 2022



  • The national Residential Property Price Index (RPPI) increased by 12.2% in the 12 months to August 2022, with prices in Dublin rising by 9.7% and prices outside Dublin up by 14.2%.

  • In August 2022, 4,295 dwelling purchases by households at market prices were filed with the Revenue Commissioners, an increase of 14.1% compared with the 3,764 purchases in August 2021.

  • The median price of a dwelling purchased in the 12 months to August 2022 was €295,100.

  • The lowest median price for a house in the 12 months to August 2022 was €149,500 in Longford, while the highest median price was €615,000 in Dún Laoghaire-Rathdown.

Ireland Property Price Trends - August 2022

Irish house prices have almost reached to the point during their Celtic Tiger peak [1], which is not a good news for people searching for family homes. The good news is that the market starts to slow down with recent trends [2] or returning to normal with an improved volume of both second-hand homes and new ones are available in the market [3, 4].
"As prices are slowing, more properties are coming onto the market, as tends to happen in this kind of environment" [2]
"Early indications are that stock levels will be replenished in the coming weeks, with an improved volume of both second-hand homes and new homes coming to the market. And although the frenzied bidding evident in the opening weeks of the year has diminished, demand remains strong, with a notable urgency from purchasers to transact more quickly in the face of rising interest rates. As always, the market performance will not be homogenous, but at this juncture we are expecting a busy season" [3]

In this post, we go through recent data regarding properties in Ireland from several perspectives to give an overview of the current market:

  • Sold properties statistics from Property Register
  • Daft trends
  • Recent CSO report
  • Recent news about housing crisis

 

Sold properties statistics from Property Register


4,142 sold properties have been registered for 2022-8
This is -9.88% change from last month
This is -12.41% change from the same month of last year



The mean price of sold properties is 374,879.19 EURO for 2022-8
This is -6.23% change from last month
This is 11.59% change from the same month of last year

The median price of sold properties is 295,000.0 EURO for 2022-8
This is 1.46% change from last month
This is 10.9% change from the same month of last year

The top-5 most expensive sold properties are
  • Block E7 and Block G Clay Farm, Part of Folio DN79535F, Leopardstown (64,471,885 EURO)
  • SORRENTO, NERANO RD, DALKEY (6,250,000 EURO)
  • STELLA MARIS, BAILY, HOWTH (5,700,000 EURO)
  • 36 LEESON PARK, RANELAGH, DUBLIN 6 (4,724,500 EURO)
  • 26 PALMERSTON PARK, RATHGAR, DUBLIN 6 (4,500,000 EURO)

 







Daft trends

We can see the number of available properties in Ireland on Daft.ie has been steadily increasing over the last months, including a relatively sharp increase starting from September. 



Recent CSO Report on Residential Property Price Index July 2022





  • The national Residential Property Price Index (RPPI) has reached the value of 164.9 points for July 2022, which is 0.8% above its highest level recorded at the peak of the economic boom in April 2007.
  • The national RPPI increased by 13.0% in the 12 months to July 2022, with prices in Dublin rising by 10.4% and prices outside Dublin up by 15.2%.
  • In July 2022, 4,443 dwelling purchases by households at market prices were filed with the Revenue Commissioners, an increase of 16.2% compared with the 3,822 purchases in July 2021.
  • The median price of a dwelling purchased in the 12 months to July 2022 was €295,000.
  • The lowest median price for a house in the 12 months to July 2022 was €145,000 in Longford, while the highest median price was €610,000 in Dún Laoghaire-Rathdown.





Recent news 

Ireland Property Price Trends - July 2022

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 


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
  • 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.


Recent news about the housing market of Ireland


Ireland Property Price Trends - June 2022

Regarding sold properties from Property Price Register

 

5197 sold properties have been registered for 2022-6
This is 25.56% change from last month
This is 10.88% change from the same month of last year
 
 
The mean price of sold properties is 362069.33 EURO for 2022-6
This is 0.53% change from last month
This is 8.48% change from the same month of last year

The most expensive sold property is 
Block 6 Griffith Wood, Griffith Avenue  Dublin 9 (35,466,419 EURO)





* The data is retrieved from Property Price Register Ireland


Daft trends on the number of properties


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)
 
 

 

 















The recent Property Price Index form CSO (Central Statistics Office)




In Dublin, house prices increased by 11.9% and apartment prices were up by 11.3%. The highest house price growth in Dublin was in Dublin City at 14.1%, while Dún Laoghaire-Rathdown saw a rise of 9.2%.


Outside Dublin, house prices were up by 16.8% and apartment prices rose by 14%. The region outside of Dublin that saw the largest rise in house prices was the South-East at 21.5%, while at the other end of the scale, the Mid-West saw a 11.4% rise. 


Table 1.1: Residential Property Price Index
MonthPrice Index (2015=100)Monthly % change Annual % change
February 2022159.10.715.1
March 2022159.90.515.1
April 2022160.50.414.5
May 2022161.80.814.4
The latest three month's RPPI results are provisional and subject to revision.