Value of Prime Market Sales in Dublin increased by 8% in 2016.
An analysis of the Property Price Register, as of the 11th January 2016, has shown that there were more than 12,000 residential property transactions recorded in Dublin in 2016, with over €5 billion worth of properties changing hands. The average price of a property in Dublin at the end of 2016 stood at €407,324, compared to €372,897 in 2015, representing an increase of 9%.
For those looking to enter Dublin’s prime market, defined as the top 5% of the market, one would have had to purchase a property in excess of €885,000, an increase of 5% on the €840,000 that would have bought you access to the prime market in 2015. Higher prices in 2016 resulted in the total value of sales increasing by 8% bringing the prime market’s share of the total Dublin market to 18%. The analysis also provided some insights into what areas in Dublin are in most demand from prime residential buyers. Demand for homes in Dublin 4 and Dublin 6 appear stronger than ever, with both areas increasing their shares of the total value of the prime market in 2016. Dublin 4’s market share increased from 19% to 26%, while Dublin 6 increased from 14% to 17%. However, the most popular area remains South County Dublin with the area accounting for 27%, down from 29% in 2015.
For those looking to enter Dublin’s super-prime market, defined as the top 1% of the market, one would have had to purchase a property in excess of €1,800,000, an increase of 29% on the €1,400,000 that would have bought you access to the super-prime market in 2015. The total value of sales increased by 8% bringing the super-prime market’s share of the total Dublin market to 7%. The outstanding performer of the super-prime market was Dublin 4 which doubled its share of the total value of the super-prime market from 19% to 40% in 2016, outperforming South County Dublin who obtained 25% of the market. Despite having the largest sale of the year, Dublin 6 conceded market share, falling from 16% to 14% in 2016. The top ten transactions of 2016 are included in the table below.