It was a very active six months in the Dublin Docklands residential property market with a 15% increase in transactions compared to the same period in 2022. Average selling prices were 2.5% over asking prices. 40% of our properties were agreed above asking with an average price of €498,000. 22% were agreed below asking.
There has been a big swing towards owner occupiers in the Docklands sales market. Ten years ago less than 20% of our buyers were owner occupiers, so far in 2023 70% of our buyers were owner occupiers, and 78% of them were first-time buyers. Investor demand was up slightly, they accounted for 30% of our buyers, up from 26% in H2 2022.
In the Docklands rental market our average monthly rent was €2,601 per month, compared to €2,521 for the rest of Dublin. 67% of our tenants were working in the technology sector and only 6% were Irish.
Key highlights from our Docklands H1 transactional data:
- 46% of buyers required no mortgage funding, compared to 41% in the rest of Dublin.
- Our average selling price was €665 per sq. ft.
- Average selling prices were 2.5% over asking prices.
- The average age of our buyers was 38.
- Average selling times were fast at 7 weeks.
- 67% of tenants work in technology, compared to 57% in the rest of Dublin.
- Our typical Docklands tenant is 37 years of age, non-Irish, on an annual salary of €70,000 and working in technology.