Dublin 4 residential market update 2024

The main trend in the Dublin 4 residential property market right now, and for the last 12 months, has been the mismatch between supply and demand especially for houses in turn-key condition. A key reason for the low supply of properties for sale was the reluctance to sell on the part of many older couples who might otherwise trade down, fearful that there might not be anything to trade down to in their neighbourhood. Other trends linked to low supply were couples living in apartments and smaller houses trying to trade up but have not been able to due to ongoing interest rate hikes. These clients have been forced to wait until more favourable interest rate changes are implemented. Overall, we don’t believe supply will increase in the short term so we predict prices will increase moderately in 2024.

In 2023, our average selling price was €583,666 or €700 per sq.ft., 3.4% over asking prices, and with an average selling time of 8.6 weeks. Some houses in walk-in condition sold 10 to 20 percent above asking prices. Houses requiring work were more difficult to sell, and that trend will continue given the high cost of renovation.

Owner occupiers, with an average age of 39, were at the fore of our buyers in 2023. Only 11% of our buyers were investors, putting more pressure on the rental market, given 55% of our sellers were landlords. Only 58% of our buyers were Irish, reflecting the appeal of Dublin 4 to expats.

Our average rental in Dublin 4 in 2023 was €2,532 per month. 45% of our tenants work in technology, down from 55% we recorded in 2022, and with an average household salary of €163,703.

Key highlights from our 2023 transactional data:

  • Dublin values up 2% year on year.
  • 33% of buyers required no mortgage funding.
  • Investors accounted for only 11% of buyers.
  • Our average selling price was €583,666 or €700 per sq. ft.
  • Average selling prices were 3.4% over asking prices.
  • The average age of our buyers was 39.
  • Average selling times were fast at 8.6 weeks.
  • Dublin 4 rents were up 4%.