Dublin: The market for second-hand properties is witnessing a notable uptick in prices, as indicated by recent data from DNG. Over the past three months, prices for such properties have surged by 1.9%, attributed primarily to robust demand coupled with constrained supply, according to estate agents.
This increase stands out when compared to the preceding quarter of last year and more than doubles the rate observed in the same period a year ago. Notably, over the year leading up to March, second-hand house prices in Dublin recorded a 4.3% ascent, marking a notable uptick from the 3.3% rise noted by the end of December.
The data underscores that the average price of a second-hand house in Dublin escalated from €519,774 to €542,110 by the close of March 2023. The most significant price hikes were observed in West Dublin, with prices climbing by 1.6%, followed by South Dublin at 1.4%, the North at 1.4%, and the West at 3.7%.
Further analysis reveals that in the year concluding March 2024, the rate of price escalation in West Dublin outpaced the rest of the city, more than doubling at 7.8%. Additionally, apartment prices recorded a noteworthy uptick of 1.3%, marking the steepest increase since the second quarter of 2022.
Of note, a significant portion of properties were acquired by first-time buyers, with 66% opting for mortgage financing while 25% made cash purchases. The relatively low inventory sparked intense competition among prospective buyers, driving the price surge, according to Paul Murgatroyd, Director of Research at DNG, who anticipates this trend to persist.
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