Major rise in residential property activity in commuter counties in 2019

Major rise in residential property activity in commuter counties in 2019

  • Eight Leinster counties record increases of at least 5% in the number of residential sales compared with 2018
  • Number of sales falls by 2.2% in Dublin but rises by 5.9% in Cork
  • Wicklow sees biggest jump in number of sales (up 21.5%)
  • Number of national residential sales stays flat (up 1.6%)

A new study based on an analysis of residential property sales recorded in the Property Price Register over 2019 shows that the trend of significant activity in commuter counties around Dublin has continued, with eight Leinster counties recording increases of at least 5% in the number of sales compared with 2018.

However, the study, which was carried out by leading property website MyHome.ie, shows that the number of sales nationwide was flat (up 1.6%) in 2019 compared to the year before (58,109 sales in 2019, compared with 57,206 in 2018).

It also shows mixed results in major urban centres – there has been a fall in activity in Dublin, with the number of sales in the capital dipping by 2.2% (from 18,654 sales in 2018 to 18,247 sales in 2019). In Cork, meanwhile, sales rose by 5.9% (from 6,085 sales in 2018 to 6,447 sales last year).

There was almost an even split in sales volume across the country, with 13 counties reporting a rise in figures, 10 counties experiencing drops and three counties staying flat (Tipperary at 1%, Waterford at 0.1% and Limerick at 0.4%).

The market was healthier with regard to the value of transactions, with just six counties across the country reporting a negative figure compared with 2018.

Dublin, which is responsible for almost a third of sales in the Irish property market, recorded 18,247 sales in 2019. The capital was followed by Cork with 6,447 sales, Kildare with 3,385, Galway with 2,730, Meath with 2,670 and Limerick with 2,146 making up the top six.

The counties with the lowest number of sales were Monaghan (385), Longford (449), and Leitrim (455).

Just over half of all money in the residential market changed hands in Dublin – €9.11bn, followed by Cork on €1.7bn and Kildare on €1.02bn. The least – €52.9m – was spent in Leitrim.

The total value of national residential property transactions last year was approximately €1 billion higher than the previous year (up 6.3%). In total the value of residential property sales recorded during 2019 was €17.88 billion, compared with €16.84 billion in 2018.

Angela Keegan, Managing Director of MyHome.ie, said that the analysis confirmed a trend of significant activity in commuter counties.

“We knew from our analysis of the Property Price Register for the first half of 2019 that activity in commuter counties was sharply rising, and our analysis this time round proves that this trend continued throughout the year. The affordability of properties in the counties around Dublin is proving to be extremely popular especially with first-time buyers who are constrained due to the Central Bank’s mortgage lending rules. It is good to see new building starts in these counties have also continued, bringing more homes on the market where they are badly needed,” she said.

 

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