The number and value of house sales in Dublin is at a three-year high, according to a new survey from myhome.ie, which also shows that the total value of transactions in the first nine months of the year is up by 29 per cent on the same period last year.
To date there has been 6,305 transactions this year in Dublin, which remains on track to surpass last year’s total of 8,293. The value of transactions is also at a three year high with almost €2.1 billion spent on property in the capital in the period from the 1st of January to September 30th this year, up from €1.6 billion, or by 29 per cent, on 2012.
In an analysis of data derived from the Property Price Register, the figures show that 18 of Dublin’s 23 postcode areas have achieved a record number of transactions for the first three quarters of the year compared with the same nine month periods in 2012, 2011 and 2010.
On the southside, the most popular postcodes to buy property remain Dublin 14, 16, 15, 6 and 12 with Dublin 9 and 3 leading the way on the northside. Lagging the trend however is Dublin 15 - which includes areas like Blanchardstown - and Dublin 18 - which includes Sandyford. Nonetheless, the value of transactions actually rose in Dublin 18.
Supply continues to constrain the property market however, with myhome.ie noting that there are just 3,400 properties currently for sale in Dublin, down from about 5,000 a year ago, and this lack of supply is driving prices higher.
Angela Keegan, managing director of MyHome.ie, said the banks and local authorities both had roles in addressing the shortage and they needed to take action now.
“Clearly the level of transaction still has some way to go before we can say we have a normal functioning property market. To increase the supply of homes we need the banks to address the mortgage arrears situation and we need local authorities to ensure new developments meet existing and future demand. There is no point putting up blocks of apartments if people want family homes. This is a big issue in parts of Dublin but we expect to see it replicated in other cities in the short term,” Ms Keegan said.
