Second-Hand Property Prices Continue to Climb Amid High Demand and Limited Supply..
Dublin: The prices of second-hand properties in Dublin have continued their upward trajectory, rising by 1.9% over the past three months, according to the latest figures from DNG. Estate agents attribute this increase to strong demand coupled with limited supply. When compared to the last quarter of 2022, the current price hike is particularly noticeable, with prices more than doubling compared to the same period last year.
Over the year leading up to March 2024, the price of second-hand houses in Dublin rose by 4.3%, a significant jump from the 3.3% rise recorded by the end of December 2023. Data also shows that the average price of a second-hand house in Dublin increased from €519,774 to €542,110 by the end of March 2023. The most substantial price growth occurred in West Dublin, where prices surged by 3.7%, while South Dublin saw a rise of 1.6% and North Dublin recorded a 1.4% increase.
West Dublin, in particular, experienced a sharp increase in property prices, with an annual growth rate of 7.8%, more than double the rate seen in other parts of the city. Apartment prices also saw a significant boost, rising by 1.3%—the highest increase since the second quarter of 2022.
First-time buyers accounted for more than half of the property purchases, with 66% securing homes through mortgages, while 25% opted to buy properties with cash. Due to the limited availability of properties, competition among prospective buyers has intensified, driving prices even higher.
Paul Murgatroyd, Director of Research at DNG, noted that these factors are likely to sustain the current upward trend in property prices. He emphasised that, with demand continuing to outstrip supply, the rise in prices is expected to persist in the near future.
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