Four out of five houses selling for under €250,000

Four out of five houses selling for under €250,000

The number of property transactions increased last year but almost half of the increased figure was in Dublin

Almost four out of five transactions last year were for less than €250,000, a new study from MyHome.ie has revealed.

With recent reports suggesting that the property market is stabilising our analysis has also shown that Dublin is leading the reported revival.

An analysis of the Property Price Register for the last two years shows that the number of transactions both nationally and in the capital is on the rise.

In total, there were 22,801 transactions nationwide last year with 7,965 of these taking place in Dublin. That means that 35% of the total sales in 2012 took place in the capital up from 32% the previous year.

There were 4,639 more transactions recorded in 2012 than 2011, with just under 47% of this increase taking place in the capital (2,164).

Dublin is also where most of the money is being spent too with almost two thirds (62.8%) of transactions over €250,000 taking place there.

Indeed, of the 193 properties last year that sold for more than €1 million, 159 of them (82%) were in Dublin with 85% of transactions between €750,000 and €999,999 also taking place in the capital.

While the increased level of transactions is a welcome boost to the market, there is still evidence of falling prices, however, with 78.9% of all sales in 2012 costing between €0 and €249,999 – up from 73.6% the previous year.

As well as being a result of falling property prices, the large number of transactions below the quarter of a million euro mark is also likely to be affected by low levels of lending from banks, with just under half of all transactions last year reported to have been by cash buyers.

Do you see these sort of trends continuing in 2013 or will they remain largely similar? Have your say below…

There are 6 comments for this article
  1. Brian cow at 9:50 pm

    What a world we live in, we are 4 class citizens who thought we were like the big men, know we are being kicked back to our nest

  2. ferghal sheridan at 4:18 pm

    dont know the hell lads. i think there is a certain amount of panic buying by cash buyers at the moment ,they think there getting great deals;maybe they are. but compare prices with uk ithink not. i have been looking at sites in dublin with planning permission;auctioneers are quoting to much when you add on build cost and other costs.so i think either site costs must come down or house price goes up.so on that note isay house prices is still to expensive in dublin area especially.

  3. Patrick at 2:09 pm

    Very little to go on here,except to recognize the extent of the property purchased since the collapse in the market is cash led.Therefore when all of this mopping up is completed, we should then see an emergence of true values in the field.
    In the meantime a loosening of lending criteria in some banking circles,should have a positive effect on sales during this year and beyond. Despite the gloom emitting from Moodys,which I believe is based on their interpretation that Ireland will need another bale out.Now if that proves to be the case, we could well be looking at a brand new ball game,and a further 20% drop in the property market could well become a reality .Now of course we have been advised from high authority that a further bale out is not needed, but did someone somewhere before say exactly the same thing,and excuse me sir, but did you see what happened ? Still we dont think its needed this time,,is it??

  4. Davey at 12:10 pm

    I think overall there is still a lot of confusion in the market. On one hand you have Moodys stating house prices could go down 20% and on the other hand websites are stating the recovery has begun. It’s too early to know as we haven’t seen the effect of the recent budget measures. I would imagine Q1 this year will provide a strong indication of where we are.

  5. Paddy at 11:28 am

    Difficult to know what these statistics mean. What are the figures for previous periods? What value was obtained for the price paid, i.e. does €250k buy a lot more house in a better area than previously? All in all not a great article.

    • jamesrogers at 11:36 am

      I understand where you are coming from Paddy but it is difficult to say because a) the Price Register does not go back that far and b) it does not say what type of house has been sold (size, bedrooms etc).

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