Our transactional data confirms trends we saw in the prime Dublin residential market last year continued into the first six months of 2023 despite the continued rise in interest rates. The supply of properties for sale has not met demand, especially on turn-key houses. 73% of our sellers are landlords as the number leaving the market has again accelerated, further deepening the crisis in the rental market. Our total number of transactions was up 43% compared to H2 2022 as we continue to grow market share.
Property prices in our core markets are up over 2% year to date. As always, different price tiers, properties and locations have performed very differently across our core markets. Houses in turn-key condition and close to amenities continued to be in high demand and sold well, once priced accurately. Average selling prices were 4.1% over asking and 65% of our listings were agreed over asking. Nearly half of our buyers are not impacted by rising interest rates as buying with cash funds. More than 40% of our buyers were not born in Ireland.
In the rental sector, our average monthly rent was €2,521. Our typical tenant is 35 years of age, international, on a salary of approximately €70,000, and working in technology. We saw an increase in demand for rentals with on site amenities like gyms and shared working spaces.
Key highlights:
- 41% of our buyers this year required no mortgage funding.
- Our average selling price was €551,478 or €639 per sq. ft.
- Average selling prices were 4.1% above asking prices.
- 63% of our listings were agreed above asking.
- Investor demand has remained steady at 22% of our buyers.
- Landlords accounted for 73% of our sellers, which is the highest figure we have ever recorded.
- Our average selling times were fast at 7.3 weeks.
- 57% of our tenants were working in the technology sector, compared to 63% in H2 2022.
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