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 and link to full article report.
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.