Dublin property market sees high demand and price rises | 28 July 2022

Barbara Carty, Head of private clients at inHous in Dublin, provides our latest insight into the Dublin property market.

Property in Dublin has seen incredible demand in recent years and phenomenal price rises for beautifully-presented properties – up to 20% for “turn-key” ready homes in the core €1.5m-€2.5m market.

Property buyers who had been held back due to Covid restrictions have been on a mission to purchase since the restrictions lifted and in-person viewings returned in May 2021. They have had plenty of time to think about where they want to live, saved money, and were ready to pounce once stock became available. As such, we are seeing lots of cash buyers in Dublin at up to the €5m level, and premium prices being paid for properties that are in very good condition. Those that are beautifully finished and extended are achieving over €150k-€250k more than they would have pre-Covid.

People will pay a premium for ‘turn-key’ ready properties with no structural work required as building and material costs have risen so much. This is also the case at the higher end of the market – €5m-€15m. For a long-term family home, buyers will pay a premium if the property is finished to a very high standard – the only exception is possible decorative changes such as changing the colour of the walls due to personal taste. In many cases, it doesn’t make financial sense to renovate and finding a builder is currently difficult, so people just don’t want the hassle. As a result, properties that need work are not performing as well.

Lots of vendors at the higher level (€7m upwards) require off market sales and plenty of buyers want the discretion when purchasing so will also pay a premium to achieve this. We specialise in off-market sales and are amazed at the number of cash buyers that are still coming back to settle themselves in Dublin – some will continue to commute to London for work but are happy to do so if they can retreat by the sea at the weekends in their nice suburban pad!

Seaside living is increasingly popular so all of the villages along north and south of Dublin Bay from Howth (NorthSide) – Dalkey (Southside) are very sought after.

The Grand Canal Docks have also seen a huge uplift after undergoing significant redevelopment since 2000, as part of the Dublin Docklands area redevelopment project. Located on the border of eastern Dublin 2 and the westernmost part of Ringsend in Dublin 4, surrounding the Grand Canal Docks, an enclosed harbour where the Grand Canal comes to the River Liffey.

The area has been nicknamed “Silicon Docks” by Google and Facebook (a reference to Silicon Valley) as it has become a popular location for multinational technology firms such as Google, Facebook, Twitter, LinkedIn, Airbnb and Stripe – all are still recruiting so there is a need for more accommodation and the new development is still ongoing. As well as tech companies, there are also some big law firms including Matheson, William Fry, Beauchamps located in the Dublin Docklands. The area has a real buzz with hotels, bars, theatres and cafes and there’s a real demand for property here.

We expect this demand to continue throughout Dublin’s hotspots, and whilst quality property is in low supply, prices are likely to keep rising.

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