Q2 2020 Dublin Residential Market Review

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.