The Owen Reilly Report 2024

2023 was a very interesting year for the Dublin residential property market and despite numerous challenges the market performed very well. After falling at the start of the year, property values are up 1 to 2 per cent in our core markets despite ten consecutive interest rate hikes by the ECB.

Overall, property prices have increased because the supply of properties for sale in Dublin is down 15% compared to 2022. As always various property types and locations performed differently.

Key highlights from our 2023 transactional data:

  • Average selling prices were 4.7% above asking prices.
  • Average selling price was €576,916  / €663 per sq. ft.
  • Average selling times were fast at 7.1 weeks.
  • 63% of properties were agreed above asking compared to over 80% last year.
  • 42% of our buyers were buying with cash funds.
  • Investors accounted for 21% of our buyers, down from 25% in 2022.
  • Rents were up 4% from 2022 but there was a noticeable cooling in recent months at the upper end of the rental market.
  • Less than half of our tenants are working in technology compared to over 60% in 2022.
  • 67% of our sellers were landlords, confirming their continued exit from the market.

Looking ahead to 2024, we expect to see similar market trends with modest price growth and a continued lack of supply of properties for sale, and at all price ranges. First-time buyers will continue to be the most active cohort of buyers and properties requiring significant upgrading with associated costs will be cautiously appraised by buyers.