19 hours Ago
THE PRICE OF a second-hand home in Dublin rose by €50,000 in 2024, with further increases predicted for 2025. That’s according to figures by property advisors DNG, who say house price hikes aren’t slowing down, after a 9.6% rise in the capital last year.
At a national level (excluding Dublin) there was an 8.4% increase in the average price of a second-hand home – almost double the rate of growth witnessed in 2023 (+4.3%).
The annual rate of price growth increased significantly in the second half of 2024, going from 6.8% in the twelve months to June to 8.4% for the year to December.
The Mid-West saw the most rapid increase in growth rate at 9.6%, followed by the West, South East and Midlands regions which all saw average prices increase by 8.7%.
Border counties saw the lowest rate of price growth in 2024 at 6.8%, but this was still more than the rate of growth recorded there in 2023 (+4.6%).
At a national level, again excluding Dublin, the average price of a second-hand home recorded is now €299,429 compared to €276,149 at the end of 2023. A similar picture emerged in the Dublin market over the course of last year with the cost of a second hand house increasing in the capital by 9.6% on average.
The rate of price appreciation seen in Dublin last year was also markedly higher than recorded by the same guage in 2023, when the average price of a residential property in the capital increased by 3.3%. South Dublin recorded the highest rate of price increase last year (+10.
5%) whilst North Dublin and West Dublin recorded increases of 8.5% and 8.7% respectively.
This means that the average price of a resale property in Dublin now stands at €582,772 compared to €531,773 at the end of 2023. According to DNG’s analysis, first-time buyers continued to dominate the second-hand market in the capital, accounting for 54% of purchases of resale homes during the year. In addition, 18% of purchasers were buying to trade up in the market whilst only 6% of buyers were doing so to trade down in the market.
DNg says this is partly explained by the limited availability of bridging finance currently available in the market and the lack of suitable new homes for buyers to trade down too. With regard to investment properties, DNG says there is a “continued exodus” of small and medium size landlords from the Dublin market. The figures show one in four of all sales last year were landlords selling investment properties, whilst only one in twelve purchases last year were made for investment and rental purposes.
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