- Posted by Michael Griffin in Uncategorized
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Author Ronan Lyons:
The average listed price for homes in Ireland increased by 6.1% in 2022, according to the latest Daft.ie report. This marks a smaller increase than in the previous two years, but it should be noted that the market pre-COVID-19 was in balance, with a slight fall of 1.2% in 2019. The report also found that prices outside Dublin increased by 6.9%, compared to 5.0% in the capital. Within Dublin, certain postcodes saw stronger growth, such as Dublin 6 and Dublin 15, while prices fell by 5% in Dublin 17 and grew by 3% or less in Dublin 10, Dublin 20, and Dublin 22. Outside of Dublin, most areas saw price growth of 9% or more, with the exception of Cork City and Monaghan, which saw little growth at 3.3%. The report also found that prices nationally showed strong growth in the first and second quarters of 2022 at 2.9% and 3.6%, respectively, but in the third quarter, prices were static and in the fourth quarter they declined by 0.4%. The report suggests that this pattern could indicate that supply is finally meeting market demand. In 2019, almost 70,000 homes were listed for sale, with just over one third of these on the market at any point in time. COVID-19 disrupted the sales market, and in the year to February 2021, just 46,000 homes were advertised. Despite the drop in supply, demand remained strong, leading to a surge in prices and a halving of the total number of homes on the market to 12,000 in early 2021. Since then, supply has slowly but steadily recovered, with 64,000 homes put up for sale in 2022, a level similar to 2018. However, availability remains closer to pandemic lows at just over 15,000 homes on December 1st.