In a guest article for MyHome.ie, Owen Reilly outlines how the period property market has performed in the capital this year...
Period properties in Dublin have always been sought-after and for many reasons.
The term ‘period property’ generally refers to properties that were built before the First World War and are generally classified as being in the Georgian, Victorian or Edwardian era. They are celebrated today for their superior building methods and materials, and distinctive architectural style.
Period homes are desired for their beautiful original features, typically absent from newer builds, such as sash windows, stained glass, classic fireplaces, higher ceilings, and cornice details. Period properties tend to offer more space with larger bedrooms and reception rooms. It is also common to have better outdoor space with front and rear gardens.
There is often potential to add value to period homes through modern extensions and attic conversions, providing further opportunities to maximise their value and long-term suitability. Modern features and styles blend beautifully into many period restorations.
Of course, many of these properties are located in Dublin’s most sought-after neighbourhoods including Ballsbridge, Ranelagh and Portobello, on the doorstep of the city centre and adjacent to Dublin’s best amenities.
Despite rising energy costs and a more cautious buying market, the demand for period properties in Dublin has remained strong this year. Our transactional data from 2022 confirms some interesting stats on this niche market, including the profile of clients buying and selling these homes in Dublin; which neighbourhoods are popular, and the pricing trends.
This year our average selling price was €1,092,126 or €628 per sq. ft. The variance between average asking prices and selling price was +4.1% reflecting the strong demand and low supply, especially in the first six months. Turn-key period homes have been in very high demand with some selling as much as 20% above asking. In recent months, period properties requiring refurbishment have been more challenging to sell, which is understandable given the surge in renovation costs in the last two years.
Irish people love period homes and they accounted for 86% of our buyers, 90% of whom were owner-occupiers. They all have a shared passion for the heritage of these homes and preserving them for future generations.
The average age of our buyer was 44, though in Dublin 4 the average age was 52, which reflects the higher values. Dublin 6 had the highest selling price per sq. ft. at €683, but Dublin 4 had the highest average selling price at €1,830,759.
There is a mantra that you never really own a period home, but rather you’re a caretaker for the next generation.
You can review Owen Reilly's report on the prime Dublin period homes market here.