MyHome.ie Blog
  • MyHome Living
  • News
  • RetroFit Hub
  • Buyers Advice Hub
  • Selling
  • Renting
  • Mortgages
  • Property Report
MyHome.ie Blog
  • MyHome Living
  • News
  • RetroFit Hub
  • Buyers Advice Hub
  • Selling
  • Renting
    • Mortgage Learning Center
    • Calculators
    • Best Mortgage Table
  • Property Report
    • All Properties
    • Houses For Sale
    • Apartments For Sale
    • Available To View
    • Overseas Holiday Homes
      • Properties For Auction
      • Upcoming Auctions
      • BER Assessors
      • Property Conveyancing Solicitors
      • Pre-Purchase Surveyors
    • Find Agents
    • All Properties
    • Houses To Rent
    • Apartments To Rent
    • Available To View
    • Share
      • Irish Holiday Homes
      • Overseas Holiday Homes
  • New Homes
    • For Sale
    • To Rent
    • Auction
      • Residential Land
      • Commercial Land
      • Farm Land
      • Farms
      • Sites
    • MyHome Living
    • Buyer Advice Hub
    • Property Report
    • Property Price Register
    • Price Changes
  • Mortgages
    • Rental
    • Holiday Homes
    • Commercial
    • Sharing
Advertisement
  • Home
  • Uncategorized
  • Residential property sales still 50% below normal
Uncategorized
Feb 10, 2016 - 10:44

Residential property sales still 50% below normal

MyHome.ie
By MyHome.ie
Share this article
Facebook Share Twitter Share Linkedin Share Email Share Whatsapp Share
Residential property sales still 50% below normal

Turnover of Irish residential property is barely 50 per cent of what is considered “normal” in a healthy housing market.

According to GeoDirectory, the State’s largest property database, there were just 43,428 residential property transactions last year from a total housing stock of more than two million.

This equates to a national turnover rate of 2.2 per cent, well below the 4-5 per cent considered normal for a functioning property market.

The low transaction rate reflects the current shortage of property on the market as well as tougher credit conditions linked to new mortgage lending rules.

Of the total transactions recorded last year, only 13 per cent represented by new properties while 87 per cent were second-hand property transactions.

Advertisement

Combining data from the property price register and the latest population census, GeoDirectory found Dublin had the highest average transaction price at €356,194, followed by Wicklow (€296,045) and Kildare (€244,543).

Longford had the lowest average transaction price in Ireland at €78,934, up from €75,583 in August 2015, followed by Roscommon at €90,728.

At a construction level, there was only a small number of residential buildings added to the database nationally.

A total 3,957 buildings were classified as being under construction in the GeoDirectory Database in the final quarter of 2015, up slightly on the second quarter number of 3,786.

In Dublin, where demand for housing is strongest, new housing represented 16.9 per cent of all buildings under construction in the State. Building activity, meanwhile, remained slow in Roscommon and Leitrim where fewer than 40 buildings were under construction in each county.

Advertisement

Kildare witnessed a significant increase in the number of buildings under construction, up to 253 buildings final quarter from 19 the previous year.

This might be down to a larger number of people being pushed to move outside the capital by rising house prices, the report said.

According to the GeoView report, Dublin had the highest residential density per square kilometre (572 dwellings per square km) by a large margin. The next highest ranked county, Louth (63), had a substantially lower density, followed by Kildare (47). Leitrim and Mayo (both 12) had the lowest residential densities.

GeoDirectory’s chief executive Dara Keogh said: “We’ve seen a consistent picture over the last two - three years, with demand outstripping supply in the more urban areas, while the market remains sluggish in large parts of rural Ireland.”

Annette Hughes, director of DKM Economic Consultants said: “ The key statistic which the report highlighted was that the national average housing turnover rate in the year to December 2015 stood at 2.2 per cent.

“This rate is showing very few signs of improving and is still well below what would be deemed to be a more normal housing turnover rate of around 4 per cent to 5 per cent,” she said.

Subscribe to our weekly MyHome Living eZine today

Processing your request...

You are subscribed now!

<

  • Tags
  • Annette Hughes
  • Dara Keogh
  • DKM Economic Consultants
  • Dublin
  • GeoDirectory
  • Kildare
  • Leitrim
  • Longford
  • Louth
  • Mayo
  • residential property
  • residential property transactions
  • Roscommon
  • transactions
  • Wicklow
MyHome.ie
By MyHome.ie
Share this article
Facebook Share Twitter Share Linkedin Share Email Share Whatsapp Share

Helpful Links

Find your home on MyHome
Read more Articles
Calculate what you can afford to borrow
Welcome to the Retrofit Hub
Advertisement
Advertisement

Related News

What is a Heat Pump?
Uncategorized

What is a Heat Pump?

Feb 27, 2025
Living Cities Initiative
Uncategorized

Living Cities Initiative

Jan 14, 2025
Digital Services Act
Uncategorized

Digital Services Act

Mar 31, 2024
Avant Money and Finance Ireland announce new rates
Uncategorized

Avant Money and Finance Ireland announce new rates

Dec 09, 2021
Average deposit of first-time buyer was €52,000 in first half of the year
Uncategorized

Average deposit of first-time buyer was €52,000 in first half of the year

Dec 07, 2021
Frequent And Popular Searches
MyHome.ie Blog
Help
Jobs
About
Equality Guidelines
Brand Safety
Contact
Terms & Conditions
Cookie Policy
Privacy Policy
Digital Services Act
Sitemap
© Copyright MyHome.ie 2025
Advertisement