The Irish property market continues to show resilience and growth, as evidenced by the latest Daft.ie report for the third quarter of 2024.
Nationally, house prices have risen by an average of 3.1% between July and September, bringing the typical listed price to €344,8481[i]. This steady increase highlights the ongoing demand for housing across the country.
Residential area of Sandycove, a Dublin subburb
Dublin soars in popularity
The market in Dublin remains particularly robust, with prices increasing by 4.1% in the third quarter, marking the largest quarterly rise since early 2017. The average price in Dublin now stands at €455,000, reflecting the city’s strong economic activity and desirability. Outside the capital, cities like Cork, Galway, and Waterford have also seen significant price hikes, with annual increases of around 4%[ii].
Market insight
One of the key drivers of this price growth is the limited supply of homes. The number of second-hand homes available for sale nationwide has dropped to less than 11,900, a 12% decrease year-on-year. This scarcity is particularly pronounced in Dublin, where the gap between listed and selling prices has widened, with homes selling for an average of 7.6% above their asking price.
Despite these challenges, the market offers promising opportunities for buyers. The ongoing construction of new homes is helping to alleviate some of the supply pressures. Additionally, rising average earnings and record mortgage approval values are enabling more buyers to enter the market. For international buyers, Ireland’s stable economy and attractive lifestyle continue to make it a desirable destination for property investment.
Overall, while the Irish property market faces supply constraints, the consistent price growth and strong demand indicate a healthy and dynamic market. Buyers, both local and international, can find valuable opportunities, particularly in areas outside the major cities where prices remain more affordable.
Key insight: The report said, ‘Over the last 12-year period, the typical property sells for a price that is 0.3% above its listing price.’ Daft.ie, 2024.
A deep dive
This infographic details the average home prices in each county of Ireland, which may be of use to those looking to buy in Ireland this year or next.
daft.ie House Price, Q3 2024 report
Affordable property hotspots in Ireland
The Daft.ie report revealed that the four least expensive places to buy in Ireland are Longford, Leitrim, Roscommon and Sligo.
Let’s take a closer look at each town and what it has to offer to overseas buyers.
Longford is known for its scenic cycle routes
Longford
In Longford, the average property type is a three-bed semi-detached house, with the median price around €203,863. For this price, buyers can expect a spacious home with a garden, ideal for families.
Longford’s appeal lies in its affordability and community feel, making it attractive for first-time buyers and those looking to escape the hustle and bustle of city life. The town is approximately 120 km from Dublin Airport, providing reasonable access for international travel.
Leitrim
Leitrim offers some of the best value in Ireland, with the average home priced at €206,857. Typical properties include three-bed semi-detached houses and bungalows, often set in picturesque rural settings. Leitrim’s charm is its natural beauty, with plenty of outdoor activities like hiking and fishing. It’s about 150 km from Dublin Airport, making it a bit more remote but perfect for those seeking tranquillity.
A large private property in Roscommon
Roscommon
The average price for a three-bedroom semi-detached home in Roscommon is around €219,023. Buyers can find well-maintained properties with ample space and gardens. Roscommon is known for its historical sites and vibrant community life. The town is approximately 180 km from Dublin Airport, offering a balance of rural living with access to urban amenities.
Sligo
The average property price in Sligo in late September 2024 was €226,352. These homes often come with modern amenities and are situated in scenic areas. Sligo is renowned for its stunning landscapes, cultural heritage, and vibrant arts scene. It is about 200 km from Dublin Airport, making it a bit further afield but highly appealing for those who appreciate natural beauty and a rich cultural environment.
