Are you in the market for an Irish house this year, but not sure where to look and what you can afford? To help get you started, we’ve picked key data from the latest report by leading portal Daft.ie, a go-to for stats about the Irish property market.
For the best choice of bargain homes in Ireland, today’s house-hunters should head to the remotest corner of the country and stick to resale properties. That is the overriding message from the latest report by Daft.ie, which shows how the seven cheapest counties in the Emerald Isle are concentrated in the north and north-west, each with an average asking price of less than €220,000. Of these, the most affordable is Longford where an average asking price is just €189,200! Interested? Let’s delve a little deeper into Daft’s latest findings.
How is the Irish property market doing?
2024: a year of stabilisation for the Irish property market?
So how is the Irish market faring? Prices are expected to stabilise after small quarter-on-quarter dips at the start and end of 2023. The period Q3 2022 – Q1 2023 was the first time in a decade that the average listed price recorded three quarters without a rise, according to Daft. Overall, the average listed price rose by 3.4 per cent during 2023, the smallest increase since 2013 (excluding 2019 when prices fell by 1.2 per cent). For comparison, 2022 saw a rise of 6 per cent, while 2021 and 2020 recorded hikes of 8.1 per cent and 7.7 per cent respectively.
A key force in the Irish market right now is a lack of supply, predominantly of resale properties. On December 1st, 2023 there were 27 per cent fewer homes for sale compared to the same day the previous year. But demand is down too, the combined effect in 2024 will be price stabilisation with growth in some areas, says property pundits, driven by buyers returning to the market as anticipated interest rate cuts kick in.
Feel the heat!
Be prepared for vendors to drive a hard bargain, as values hold firm. Daft research highlights how buyers in Ireland tend to pay over the listed price, and how much by will depend on location. The typical transaction price in the last three months of 2023 was 2.9 per cent above the listed price. A year ago, this market ‘heat’ was 3 per cent while in Q4 2021 the typical transaction price was as much as 3.9 per cent above the listed price. Buyers in Dublin pay the highest premiums over asking prices – 4.7 per cent in Q4 2023, while those in Connacht-Ulster cough up the lowest (0.8 per cent).
Bealnabrack River in Connacht at Maam Cross
Lower prices in the north-west
Bargain-hunters with smaller budgets should head to Ireland’s north-west area. Here four of the five counties in Connacht, which along with Ulster recorded the strongest price growth last year (7.6 per cent), have average listed prices of less than €220,000. These include Sligo (€210,799), Mayo (€212,849), Roscommon (€206,723) and Leitrim (€191,133). Equally affordable are the Ulster counties of Donegal (€219,483) and Cavan (€218,627). Let’s not forget Longford (€189,200), which is in the north-western tip of Leinster province, where the next cheapest county is €243,000! In these areas five-bedroom detached houses are on the market typically for just €250,000-€300,000.
Expat hotspots
Cork in Munster province remains a favourite destination with UK homeowners and other foreign lifestyle buyers. The average asking price there currently is €286,869, or €397,000 for a five-bed detached, €361,000 for a four-bed or €138,000 for a two-bed terraced. On either side of Cork are Kerry and Waterford, also in Munster and popular with expats. The average asking prices here are €261,990 and €318,550 respectively. Also on the east coast and closer to Dublin, Wexford has its British fans too, attracted by its €279,518 average asking prices.
The Ha Penny Bridge, Dublin
Dublin and its desirable suburbs
Ireland’s famous capital remains the jewel in the country’s property crown, in particular its charming suburban areas. Prices there have been more stable over the past 12 months compared to the west side of the country. The desirable South County Dublin remains the most expensive area in the country, with average asking prices of €659,286 in 2023. Still on the south side but closer to the centre, the South Dublin City district is the next dearest (€467,201), followed by North Dublin City (€403,803), then North County Dublin (€388,193), the City Centre (€372,260), with the capital’s most affordable area being West County Dublin (€369,573).
