Tag Archives: Property Prices

Gulp.

This morning.

Via MyHome.ie:

The Q4 2021 report, in association with Davy, found that annual asking price inflation rose by 9.7% nationwide, by 7.4% in Dublin and by 10.6% elsewhere around the country.

Meanwhile, quarterly asking price inflation also rose slightly throughout Ireland – by 1.3% nationally, by 1.7% in Dublin, and by 1.1% elsewhere around the country.

This means the mix-adjusted asking price for new sales nationally is now €311,000, while the price in Dublin is €421,000 and elsewhere around the country it is €263,000. Newly listed properties are seen as the most reliable indicator of future price movements.

The author of the report, Conall MacCoille, Chief Economist at Davy, said that the findings of the report painted a grim picture for prospective homebuyers…

Property Report – 2021 – Q4 (MyHome.ie)

Meanwhile…

1965.

Dublin’s ‘luxury’ housing market.

Featuring heavily-lunched developer ‘Mr Black’.

Gulp.

This morning.

Via Robert Shorrt:

Property prices in October rose by 13.5% on an annual basis to mark the fastest annual pace of growth in over six years, according to the latest figures from the Central Statistics Office….

Today’s CSO figures show that the mid-point or median price of a home nationally was €275,000 in October.

In Dublin, that figure was €400,000 with Dún Laoghaire-Rathdown remaining the most expensive location at €580,000.

Outside Dublin, the cheapest location was Longford where the median priced property was €129,000.

Annual property prices jump by 13.5% in October – CSO (RTE)

Illustration via CSO

This morning.

Via Irish Times:

The average deposit needed to buy a home is now €52,500 for a first-time buyer (FTB) and €135,000 for a mover purchaser, according to figures from the Banking and Payments Federation Ireland (BPFI).

This is more than double what it was less than a decade ago, reflecting the rapid increase in house prices since the low point of the crash in 2012 and the Central Bank of Ireland’s mortgage lending rules, which require buyers to have bigger deposits relative to the value of the property.

The BPFI’s latest housing market monitor includes a loan-level analysis of the source of deposits in the first half of 2021.

It found that nearly 42 per cent of FTBs and 25 per cent of mover purchasers used gifts as part of their deposits.

First-time buyer needs €52,500 for average deposit (Irish Times)

Meanwhile…

Social Democrats Housing Spokesperson Cian O’Callaghan said:

“An entire generation has been locked out of the market. Average deposits are now more than double what they were just 10 years ago. How can anyone on an average income afford to save €52,000? Homeownership is simply slipping out of reach for many young people.

The pressure to save vast sums of money, while also paying incredibly high rents, is putting people under huge stress and strain. It is therefore unsurprising that four in ten first-time buyers are reliant on gifts from parents in order to fund the purchase of a home.

“House prices have shot up by over 12pc in a year. This is unsustainable. The housing market is out of control and there is no evidence that the Government’s housing plan is working. In fact, things are getting worse instead of better.

“The solution to this crisis is crystal clear – the State must build thousands of homes that are genuinely affordable. This can be done by using public land. To date, this has not been done anywhere near the scale that is required. We need 10,000 affordable homes to be built each year.”

RollingNews

This afternoon.

Via RTÉ News:

The price of residential property nationally rose by 3% in February, according to the latest figures from the Central Statistics Office.

This compares to an increase of 2.6% in January and a 1% increase in the 12 months to February of last year.

Prices were slower to rise in Dublin with an increase of 1.2%. Houses in the capital rose by 1.2% while apartments rose by 0.9%.

Meanwhile…

…Tony Geraghty writes:

Actually, the CSO’s latest figures don’t say any such thing. In fact they say that the price of residential property nationally rose by 0.3% in February, just one tenth of the figure RTÉ uses.

The reality is that residential property nationally rose by 3% in the full 12 months up to February, over a full year (the headline of the RTÉ article actually got it right). Housing is expensive enough without RTÉ talking it up any further with their misplaced decimal points…

Fight!

Home prices see annual increase of 3% in February – CSO (RTÉ)

RollingNews

 

Yesterday.

Daft.ie published its latest House Price Report for the third quarter of 2019.

From the report:

There were almost 20,000 homes built between the middle of 2018 and the middle of 2019, twice the number built during the twelve months of 2016.

Just under two thirds of that increase in building activity has been in the Greater Dublin Area and, for the moment at least, the new homes built have been concentrated in the owner-occupied sector.

But new housing supply is not the full story of what’s going on. The elephant in the room, for the Irish economy, is Brexit.

To understand how that something that has not happened yet could affect housing prices now, it is important to remember a key difference between the sale and rental segments.

Across both segments, fundamentals of supply and demand matter. If more homes are built for a particular segment, this will lower prices everything else being equal.

If incomes rise or if the numbers at work increase, this will increase prices, both sale and rental.

However, for sale properties, the purchaser is committing to hold the asset and thus they have to pay attention to its future value too.

This difference also means that credit is prevalent in the for-sale market, due to its much higher price level, but not the rental market.

Therefore, both credit conditions and expectations about future prices are key factors in converting ‘real demand’ into effective ‘on the ground’ demand in the sales market.

If Brexit, in whatever form it takes, reduces Irish employment and incomes, this will be seen in the rental market.

If Brexit is expected to affect Irish employment and incomes in the future, this will be seen in the sales market.

The report can be read in full here.

Meanwhile…

From the Central Statistics Office’s Residential Property Price Index June 2019 report (click to enlarge)

The Central Statistics Office reports:

Residential property prices increased by 2.0% nationally in the year to June. This compares with an increase of 2.6% in the year to May and an increase of 11.9% in the twelve months to June 2018.

In Dublin, residential property prices rose by 0.1% in the year to June, with house prices unchanged and apartments rising by 0.1%. The highest house price growth in Dublin was in South Dublin at 3.6%, while Dun Laoghaire-Rathdown saw a decline of 4.0%.

Residential property prices in Ireland excluding Dublin were 3.9% higher in the year to June, with house prices up by 3.6% and apartments by 6.1%.

The region outside of Dublin that saw the largest rise in house prices was the Border at 14.7%, while the Mid-East recorded a decline of 0.1%.

Property prices nationally have increased by 83.0% from their trough in early 2013. Dublin residential property prices have risen 92.7% from their February 2012 low, whilst residential property prices in the Rest of Ireland are 81.1% higher than at the trough, which was in May 2013.

Residential property prices rise by 2.0% in the year to June (CSO)

Related: Property price growth cools to six-year low of 2% (The Irish Times)

Top pic: Rollingnews

Sold for 375,000 in April 2018.

Renting for 4,000 a month in February, 2019

Gordon’s ALIVE!

Property Watch writes:

Thought you might be interested in this for your ongoing tracking of crazy Dublin property rents/prices.

This place (top) was bought last August for €375k (Property Price Register) and credit to them they’ve done a lovely job with the refurb, but the asking rent is simply bananas!

I live in a similar property nearby, and there’s barely room to swing a cat in these houses. Mercifully it doesn’t seem to have let yet at that price and it has been up for nearly a month (extremely rare in this area), but surely no idiot(s) are going to rent this.

At that rental value you could buy the place and do it up for the same cost as 9 years rent. I keep a close enough watch on Dublin property prices and rents, but this was beyond anything I’ve seen to date. The mind boggles!

Sale Agreed: 77 Gordon Street, Ringsend (MyHome.ie)

Gordon Street, Ringsend, Dublin 4, South Dublin City (Daft)

This morning.

The Central Statistics Office released it’s residential property price index for June of this year.

The CSO writes:

In the year to June, residential property prices at national level increased by 12.0%. This compares with an increase of 12.4% in the year to May and an increase of 11.4% in the twelve months to June 2017.

“In Dublin, residential property prices increased by 9.0% in the year to June. Dublin house prices increased 8.4%. Apartments in Dublin increased 12.8% in the same period. The highest house price growth was in Dublin City, at 12.0%. In contrast, the lowest growth was in South Dublin, where house prices increased 5.9%.

“Residential property prices in the Rest of Ireland (i.e. excluding Dublin) were 15.2% higher in the year to June. House prices in the Rest of Ireland increased 14.6% over the period. The Mid-West region showed the greatest price growth, with house prices increasing 22.3%. The Border region showed the least price growth, with house prices increasing 4.9%. Apartment prices in the Rest of Ireland increased 20.3% in the same period.

Overall, the national index is 19.5% lower than its highest level in 2007. Dublin residential property prices are 22.2% lower than their February 2007 peak, while residential property prices in the Rest of Ireland are 24.2% lower than their May 2007 peak.

From the trough in early 2013, prices nationally have increased by 79.6%. Dublin residential property prices have increased 92.7% from their February 2012 low, whilst residential property prices in the Rest of Ireland are 74.4% higher than the trough, which was in May 2013.”

Read the report in full here

Table from a Central Statistics Office report published earlier today

The Central Statistics Office reports:

In the year to May, residential property prices at national level increased by 12.4%. This compares with an increase of 13.5% in the year to April and an increase of 10.9% in the twelve months to May 2017.

In Dublin, residential property prices increased by 10.7% in the year to May. Dublin house prices increased 10.3%. Apartments in Dublin increased 13.5% in the same period. The highest house price growth was in Dublin City, at 14.6%. In contrast, the lowest growth was in South Dublin, where house prices increased 6.6%.

Residential property prices in the Rest of Ireland (i.e. excluding Dublin) were 14.1% higher in the year to May. House prices in the Rest of Ireland increased 13.7% over the period. The Mid-West region showed the greatest price growth, with house prices increasing 22.1%. The Border region showed the least price growth, with house prices increasing 3.7%. Apartment prices in the Rest of Ireland increased 15.5% in the same period.

Overall, the national index is 20.4% lower than its highest level in 2007. Dublin residential property prices are 22.5% lower than their February 2007 peak, while residential property prices in the Rest of Ireland are 25.5% lower than their May 2007 peak.

And…

In the 12 months to May, the median price paid by households for a dwelling on the residential property market was €235,000.

Dublin was the region with the highest median price (€359,000) in the year to May. Of the four administrative areas of Dublin, Dún Laoghaire-Rathdown had the highest median price (€528,500). Whereas, Fingal had the lowest median price (€315,000).

Outside Dublin, the highest median prices were in Wicklow (€310,000) and Kildare (€277,250).

The lowest median price for a dwelling was in Longford (€91,000). The next lowest were Leitrim and Roscommon (both €95,000)

Residential Property Price Index May 2018 (CSO)