We have launched our quarterly report with our analysis of the Dublin residential market in Q2. Covid-19 had a profound impact on the Dublin property market during this period. While business quickly pivoted to be conducted virtually, market activity was a fraction of its pre-COVID level as a result of in-person showing restrictions. As lockdown eased and activity returned to the market, strong activity was supported by pent-up demand. Longer-term, for-sale market conditions will depend on the wider economic recovery and the containment of COVID-19.
Here are some key stats :
- 60% of our sales fell through at the onset of Covid-19 compared to 23% for the same period last year.
- Selling prices 3.48% above asking price since lockdown which reflects pent up demand.
- 90% less for sales listings compared to Q2 2019.
- Rent fell 7% in Q2.
- 7% of our managed portfolio terminated their tenancies as a result of large tech companies telling their employees they could work from home for the rest of the year. Nearly all have told us they will return.
- On average we readjusted rents downwards 20% on 15% of our managed portfolio for two months. Most of these abatements have now ended.