- 8% is more than double the 2.5% figure predicted for 2021
- Average deposit of €52,500 required by a first-time buyer is now more than twice what was required ten years ago
- Dublin residential property prices have risen 116% from their lowest ebb in February 2012
- Ranelagh, Ballsbridge and Rathmines/Rathgar revealed as most expensive areas in city for three-bed houses while Neilstown, Ballymun and Clondalkin are most affordable
Dublin estate agents expect property values to rise by an average of 5.8% this year, according to the 2022 Sunday Times Dublin Property Price Guide, a dedicated 28-page supplement which will be published free with The Sunday Times this Sunday, 9 January. This prediction is more than double the expectation of a 2.5% price rise expressed by estate agents for 2021.
Now in its 19th year, The Sunday Times Property Price Guide is the authoritative guide to the Dublin property market, featuring interviews with a number of Dublin estate agents who outline their predictions for the year. It also includes a detailed analysis of Dublin property prices.
Estate agents across the 26 areas of Dublin city say their main concern is the low levels of residential housing stock coupled with the overwhelming rising tide of demand for all property types. With critically low stock levels set to dictate house prices this year, it is clear to many of the city’s estate agents that how the ongoing pandemic is managed will impact houses prices even further.
Several estate agents also report a significant frustration at a lack of new-home schemes in their areas for the foreseeable future with too many scheduled developments involving private investors constructing build-to-rent apartment blocks in 2022.
The Sunday Times Dublin Property Price Guide also reveals that the top five most expensive examples of three-bed houses in Dublin are in the following locations:
- Ranelagh – €1.15m
- Ballsbridge – €950,000
- Rathmines/Rathgar – €950,000
- Sandymount – €950,000
- Milltown – €850,000
The top five most affordable examples of three-beds are unveiled as:
- Neilstown – €200,000-€220,000
- Ballymun – €230,000
- Clondalkin – €240,000-€270,000
- Springfield – €245,000
- Darndale – €250,000
Further key insights revealed in The Sunday Times Dublin Property Price Guide include:
- One Dublin city centre estate agent said 60% of all his sellers were landlords exiting the market
- Many agents reported high numbers of well-prepared buyers with large deposits from pandemic savings who were left disappointed by an uber-competitive bidding process
- Agents also reported a preference among buyers for homes that provide large gardens and more space – to help facilitate working from home requirements in a more comfortable fashion
- Prices have risen significantly in traditionally affordable areas due to the high volume of buyers being priced out of more affluent areas and seeking a fallback where prices are lower
- Expats returning home to Ireland amid ever-changing rules on travel drove demand in some postcodes
Patrick O’Donoghue, Primary Researcher for The 2022 Sunday Times Dublin Property Price Guide, says: “It is perhaps with little surprise that Dublin’s Estate Agents are predicting price rises and more frustration in 2022. With the rise in value of the capital’s properties doubling since last year, many estate agents are cautious with some optimism heading into 2022. There are a number of factors at play, including government regulations around the ongoing pandemic, critical supply issues and feverish demand. It will be interesting to see how Dublin’s suburbs continue to change in the face of growing demand across the city for what is sure to be a fascinating 2022.”
The Sunday Times Dublin Property Price Guide will be followed by the Sunday Times Nationwide Property Price Guide which will be published on Sunday 16th January. For full details, pick up a copy of The Sunday Times this weekend or online at: www.thetimes.ie.