Our Q1 2020 Residential Market Review showed a promising start to the year prior to the Covid-19 crisis. Selling prices were on average 2% above asking at €437,435. Owner-occupiers accounted for 70% of buyers building on the second half of last year. 65% of our vendors were landlords exiting the market, so the amount of rental accommodation continues to deplete. 65% of our buyers are Irish and the number of Asian buyers continued to increase at 17% up from 13% in Q4 2019. Since the start of the crisis, 30% of our sales have fallen through and the number of new listings is down 82% compared with the same period last year.
Our average rental is now €2,456 per month, up 1.4% compared with Q4 2019. This quarter we saw a significant increase in tenants from America and India. Only 18% of our tenants across Dublin are Irish. 66% of our tenants are working in the technology sector.
Covid-19 has effectively frozen the residential property market and the Irish economy. It is too early to estimate what the overall impact will be on the economy and in turn the property market. Time will tell!
Link to report