A new study of the Dublin property market shows that the number of house sales rose from 15,058 in 2016 to 17,491 last year, an increase of 16%.
Not surprisingly given the increase in house prices, the total value of transactions for the year was also up, rising by 21% to €7.4 billion. According to the research, which was carried out by MyHome.ie based on an analysis of the Property Price Register, the number of house sales rose in all but four of Dublin’s twenty-two postal code districts.
Dublin 15 was the postal district with the largest number of sales during the year, 1,640, followed by Dublin 18 on 1,029 with Dublin 24 in third place on 939. The post codes which recorded the biggest increases were Dublin 17 up 88%, Dublin 24 up 71% and Dublin 13 up 55%.
At the other end of the scale, the four post codes which recorded falls were Dublin 20 (-47%), Dublin 4 (-28%), Dublin 9 (-16%) and Dublin 7 (-3%). The fall in Dublin 4, from 892 sales to 638 has been attributed to the sale of a large development in 2016, which artificially inflated the figures for 2016.
Angela Keegan, Managing Director of MyHome.ie said the post codes recording the largest number of sales and the biggest increases were generally to be found along the M50. She said this highlighted the issue of urban sprawl and the need for an enhanced public transport network for the city. Commuting times and urban sprawl go hand in hand and unless Dublin develops and increases the capacity of its public transport network this is a problem which is only going to intensify. We can see the huge pressure which is already being exerted on the M50 and the Luas, following its recent extension. The new MetroLink isn’t due to open until 2027 so anyone buying a new house in north or south county Dublin in the coming years will have to factor in lengthy commuting times”
Most activity in Dublin 15 centred around Castleknock (432 sales) Clonsilla (198), Blanchardstown (145) and Ashtown (121). Overall sales were up 17% on 2016. In Dublin 18 where sales were up 25%, Leopardstown (244), Stepaside (197) and Sandyford (129) were the main focal points.
While sales in Dublin 17 increased by 88%, with 147 sales in total, it is second only to Dublin 10 for having the lowest number of sales. Dublin 24 recorded an increase of 71% to 939 with Tallaght leading the way with 580 sales. Dublin 13 recorded an increase of 55% to 741, with most activity centred on Balgriffin and Clongriffin.
Sales in County Dublin rose from 3,900 to 4,669, an increase of almost 20%. Swords in north county Dublin led the way on 575 sales, just pipping Dun Laoghaire on 572 with Lucan on 329. Keegan pointed out that sales and values were also rising considerably in the city.
“It’s interesting to see that sales rose by 37% in Dublin 1, 24% in Dublin 2 and 23% in Dublin 3. Dublin 2 (63%) and Dublin 1 (48%) also recorded the second and third highest increases in transaction values. This indicates that new multi-unit developments are beginning to come on stream close to the city centre and one would hope that this is a trend which will intensify given the chronic lack of housing we have in the city,” said Angela.