Despite a general consensus that the Dublin property market has cooled due to increased supply and rising interest rates, October was another very active month with strong demand from motivated buyers. Surprisingly our average selling prices were 8.5% above average asking prices compared to +4.7% in September. Our average selling price was €695,714 and 86% of our sales were agreed above asking. Average selling times were very fast at 6 weeks and 58% of our buyers required no mortgage funding, compared to 33% in September.
In the rental market, our average monthly rental value was €2,250 per month. 85% of our tenants were working in the technology sector and only 8% of our tenants were Irish.
Key highlights from our October transactional data:
- Our average selling price was €695,714/€657 per sq. ft.
- Average selling prices were 8.5% above asking prices.
- The average age of our buyers was 44.
- Investors accounted for 42% of our buyers this month, compared to just 8% in September.
- Average tenant age was 32.