August is traditionally a quiet month for the Dublin residential market. However, this year strong activity continued right into August from July as more sellers came to market and motivated buyers continued to be active. Our average selling prices were +2.9% above average asking prices compared to +4.4% in July. 70% of our sales were agreed above asking. Average selling times were longer at 15 weeks as some listings on the market for some time were finally agreed. 65% of our buyers required no mortgage funding compared to 45% in July.
In the rental market there are ten tenants for every property available. Our average monthly rental value was €2,950 per month. 55% of our tenants were working in the technology sector and only 18% of our tenants across Dublin were Irish.
Other keys highlights from our August transactional data:
- Our average selling price was €667,176 / €618 per sq. ft.
- The average age of our buyers was 43.
- Investors accounted for 42% of our buyers compared to 20% in July.