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…