août 13, 2022

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Used house prices in Dublin jump 45,000 euros a year

A second-hand home in Dublin today costs roughly €45,000 more than it did a year ago on average, according to real estate agent DNG. She says home prices are set to continue rising in a similar fashion next year.

The DNG national price scale – which excludes Dublin – recorded a 13.6 per cent average used home price increase last year. This represents a noticeable acceleration in the rate of inflation compared to 2020, when prices rose by 1.4 percent.

Including Dublin, which DNG measures separately but in the same way, the gross national rate of price increase last year was 12 percent.

The national gauge, which tracks prices on a semi-annual basis, posted 5.3 percent growth in the six months to December, compared to a 7.9 percent increase in the first six months last year.

The reports are based on valuations made by DNG appraisers of a representative sample of second-hand properties in each region.

All regions of the state recorded double-digit price growth in 2021, with the exception of Dublin (+9.9 percent).

Prices rose fastest in the Midwest (+17.2 per cent) followed by the Central (+14.2 per cent) and West (+13.8 per cent) while the Southeast saw increases of 11 per cent.

Outside the capital, the highest average price is found in the Middle East (€349,259) followed by the Southwest (€279,844).

In Dublin, a separate quarterly house price assessment by DNG found that the average price for resale property is now €499,516, compared to €454,669 at the end of 2020. However, residential property prices in the capital are still 5% lower. 30 per cent. The agency said 2006, the heyday of the Celtic tiger.

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Nationally, excluding Dublin, the average price for a second-hand home is now €246,018.

Residential apartments

The report also looks at the Dublin apartment market and found that after several years of relative price stability, 2021 saw a return to strong growth.

The median apartment price in the capital increased by 7.4 percent in 2021, compared to a slight decrease in values ​​of 1.3 percent in 2020 and 0.4 percent in 2019.

Looking at the outlook for next year, the agency expects further price growth both in Dublin and nationally, with regional price gains once again outpacing those in the capital where DNG says nominal values ​​are already high, and affordability more challenging.

The agency expects an average rise in regional markets of 12-13 percent this year. The report says that price growth in Dublin will likely be high single digits, in the range of 6-8 per cent.

DNG says factors supporting its forecast include continued strong economic growth and wages, high levels of household savings seen in 2020-21, and expansion of government initiatives for first-time buyers announced in the budget.

It also indicated that there is strong demand from this group evident in the mortgage approval data and the prevailing low interest rate environment.

While the supply of new residential homes is set to increase to about 26,000 units this year, DNG says this will still be well below the 30,000 to 35,000 new units needed each year to meet demand.

DNG CEO Keith Lowe said the high level of price growth last year was in line with the property markets in most developed countries.

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Besides supply issues in the flea market due to Covid-19 restrictions, he said the pandemic had created « a significant level of pent-up demand in the market as buyers spent less and saved more towards their deposits. »

The higher end of the market was also strong in 2021 which was boosted by many buyers returning from abroad to live, be it because of Covid or Brexit.