Dublin Residential Market Report 2021 - Owen Reilly
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Dublin Residential
Market Report 2021
Owen Reilly Report - 2021
motivated buyers who had got to know their This confirms that Dublin property values in
existing property and neighbourhood very general did not move and there was
well during lockdown and what they offered equilibrium between sellers and buyers.
and did not offer. Many buyers who had However, our transactions show that values
pulled out of sales re-engaged with us. Our under €350,000 increased up to 2%. Many of
average selling price during the summer was our listings, particularly turn-key houses, sold
3.48% above our average asking price which well above asking. The price trend indicators
reflects low supply and the strong demand showed mixed results from prior-year levels
from buyers for all property types across as sales activity improved at the upper end of
Owen Reilly, Director Dublin. The most motivated buyers were first the market where it appears that most of our
time buyers and families seeking more space. buyers have not been financially impacted by
In a year like no other the Dublin COVID-19.
residential market proved to be very As we entered the traditionally busy
resilient. Perhaps this is not surprising autumn market vendors were bullish It was mainly apartment sales that impacted on
as COVID-19 caused many people to given the exceptional summer activity. Our the overall average selling price being lower
rethink their living and working habits transactions for this period were up 21% on than last year and it was a challenging year
and motivated them to buy a home. the previous quarter as more sellers were for the Docklands market. We will cover this
encouraged to come to market given the in detail in our annual Docklands Report. Our
The start of 2020 was very encouraging pent-up demand. October was a very positive average selling time was 12.2 weeks up from
after a flat end to 2019. The arrival of month for sales with a flurry of activity during 11 weeks in 2019. 54% of our buyers were first
COVID-19 in March effectively froze the the period leading into the second lockdown time buyers up from 39% in 2019. They had
Irish property market. We adopted VR in November. Properties in turn-key condition less competition from investors who accounted
tours, online bidding and remote renting and in the
these tenants returning to continental Europe been out of reach before. Many high earning Technology executives are now starting to buy
to work from home. One-bedroom apartments executives have instead opted for houses. We instead of rent as Dublin has now become
were difficult to rent as couples shunned them expect rents to recover, but that will depend on home. This will be a very positive development
given the lack of space to work from home how quickly people return to their offices. Tech for the residential market. A significant number
and live. Despite the challenges our number companies have been among the most flexible of Irish people returning to Dublin from mainly
of rental transactions were virtually the same in allowing people to work remotely and a lot of America, Australia and London are looking to
as last year, as renters were drawn into the workers are taking advantage of that. buy. They are now competing with technology
market by the enhanced affordability. In the executives, particularly at the luxury end of the
last quarter, voids flattened and rent declines Landlords continue to exit the market as market (€1 million+). November saw a record
slowed, possibly signalling that a rebound is on 78% of our apartment sellers last year were number of buyers being approved by banks for
the horizon in 2021. We are certainly seeing landlords. The obvious consequence of this mortgages, totalling €1.28 billion according to
a large build-up of technology professionals is that the amount of available rental stock the Banking and Payments Federation Ireland.
returning to Dublin, in many cases requested continues to deplete. It is likely this will lead to A lot will depend on sellers feeling more
to do so by their employers. However, at the another rental crisis in Dublin within the next 18 comfortable putting their home on the market.
time of releasing this report Dublin is in another months.
level 5 lockdown and many of these Varying property types, locations and price
professionals have now postponed their return The outlook for 2021 is promising given a no ranges will perform differently. Properties
for later in the year. deal Brexit was avoided, a positive result in the priced under €400,000 and houses with good
American election and most importantly of all, gardens in the €600,000 to €1.2 million range
We are surprised at the lack of accurate data the successful roll out of a vaccine to hopefully will sell well. I do not believe the supply of
on the rental market. Many commentors end this awful pandemic. People are looking at homes coming to market will match demand. I
have mentioned the resilience of the Private properties in very different ways. In particular expect the market to be very healthy in terms
Rental Sector (PRS). Our data shows the they are looking for more space. Space to work of transactions, but I do think there will be
luxury apartment market has been negatively from home and space to separate working life equilibrium between sellers and buyers. My
impacted, with many landlords offering lower from family life. In many cases space is more view is that prices will rise but not markedly.
rents and generous move-in incentives, and important than location or at least as
savvy apartment-seekers have been able important. Having said that proximity to parks
to secure apartments that may have once and grocery stores is still paramount.
2 Gilbert Road, Dublin 8. Sold for €676,000 20 Shrewsbury Square, Dublin 4. Sold for €850,000
3 Windsor Terrace, Dublin 8. Sold for €823,500 16 Grattan Street, Dublin 2. Sold for €600,000
Owen Reilly Report - 2021
Dublin residential sales market
2020 transactional data (compared with 2019) % Percentage difference with 2019
€471,494 (€473,808) -0.49%
€470,684 (€481,604) -2.27%
-0.17% +1.6%
Average asking price: Average selling price: Asking price v selling price variance:
+10% +46% -3.8%
12.2 (11) 22% (15) €5,956 / €553 (€6,185 / €575)
Weeks on market: Fall through rate: Average selling price per sq. m. / sq. ft.
Quarterly analysis
Average selling price per sq. ft. Asking price v selling price variance
€600 +3.48%
3%
€577 €576
2%
+2%
1%
€551
0%
€538 Q1 Q2 Q3 Q4
-1%
€500 -1.2%
-2% -2%
Q1 Q2 Q3 Q4
Weeks on market Average price movements over 2020
15 14.3 14.5
UNDER €350K +2%
12 €350 – €500K +1%
11.8
€500 – €700K -2%
9
€700 – €1 MILLION -1%
7.6
6 €1 MILLION + +2%
Q1 Q2 Q3 Q4
17 The Warehouse, Dublin 8. Sold for €570,000 1 Mount Pleasant Avenue, Ranelagh, Dublin 6. Sold for €1.1 million
Owen Reilly Report - 2021
Buyer profile % 2019 data
Type Funding
80
Pension
70 5%
62%
60
50
40
Mortgage Cash
72%
30
38% 53% 48% 42% 52%
20
10
28%
0
Owner
Investors
Occupiers
Nationality Breakdown of type
Irish 66% 65%
FIRST TIME BUYERS 39%
54%
International
(African, American, 13% 6%
South American)
Asian 10% 9%
INVESTOR 28% 38%
European 9% 14%
British 2% 6% 23%
TRADING UP/DOWN 18%
Status of buyers Gender of single buyers
60
SINGLE 62%
50
40
COUPLES 14% 30
55%
20 45%
10
MARRIED 24%
0
Female Male
55 Whitebarn Road, Churchtown, Dublin 14. Sold for €580,000 4 Glaunsharoon, Donnybrook, Dublin 4. Sold for €740,000
Owen Reilly Report - 2021
Dublin residential rental market
2020 transactional data (compared with 2019) % Percentage difference with 2019
€1,833 (€1,888) -2.9%
€2,202 (€2,479) -11.1%
€3,099 (€2,868) +8%
Average one bed monthly rent Average two bed monthly rent Average three bed monthly rent
€2,263 (€2,350) -3.7%
€115,347 (€127,650) -9.6%
-10.9% +5.3%
Average monthly rent Average household salary Rent inflation
Quarterly analysis
Average monthly rent Rent inflation
2%
€2500 €2,456 +1.3%
1% +0.2%
0%
€2,329
-1%
Q1 Q2 Q3 Q4
€2,259 -2%
€2,162 -3%
-4%
-5% -4.7%
-6%
€2000
-7%
Q1 Q2 Q3 Q4 -7%
-8%
Tenant profile % 2019 data
Work sectors Nationality
Technology 47% 42% 3%
33% Company Let 1%
Finance 17% 19% International 24%
(African, American, South
Other - Public sector, 19%
American) Irish 22%
Arts, Retail, 9% 24%
Entertainment
Health 6% 4%
2%
Asian 2%
Engineering, Property, 6% 2%
Architecture
Students 5% 2%
9%
Indian 8%
Law 4% 4%
6%
British 5%
Education 4% 2%
28%
European 38%
Marketing 2% 1%
Owen Reilly Report - 2021
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Owen Reilly The information in this document is based on
transactions only and our observations of the market.
41 Forbes Quay
However, Dublin comprises unique and diverse
Grand Canal Dock
neighbourhoods and features many very different
Dublin 2 developments. We will be pleased to provide more
detailed breakdowns or background information to
+353 1 677 7100 particular areas or developments.
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Owen Reilly Report - 2021
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