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Commuter Counties around Dublin see rise in property sales

There was a 1.2% rise in residential property sales in the commuter Counties around Dublin in the first half of 2019, but transaction values fell by 0.6%, the latest analysis shows.

The biggest jump in transactions was in Louth with sales up by 22.6% and the value of transactions up by 28.6%, according to the study from property website MyHome.ie.

Overall, there were 25,192 sales nationally in the first half of the year compared to 24,882 in the same period last year and the total value was €7.209 billion.

There was also strong growth in Kilkenny with sales up 20.4%, while the value of transactions was up 23.5%, and in Laois sales rose 15.1% and there was a 24.8% rise in the value of transactions.

There was an even split in sales volume across the country, with 13 counties reporting a rise in figures and the same number experiencing drops. The market was healthier with regard to the value of transactions, with just six counties across the country reporting a negative figure compared with the first half of 2018.

Kerry experienced the sharpest fall in sales with a drop of 22.8% while Leitrim saw the biggest fall in sales value, at 14.5%. The fall in Kerry was largely technical and was linked to three bulk transactions being recorded as one, namely 20 properties in one site in Ballybunion, and 54 properties over two sites in Tralee.

Dublin, which is responsible for around a third of the property market, led the way in the first six months of the year with 8,051 sales, a decrease of 2.9% on the 8,292 sales recorded for the same period last year.

The capital was followed by Cork with 2,828 sales, Kildare with 1,447, Galway with 1,187, Meath with 1,130 and Wexford with 898 making up the top six while the Counties with the lowest number of sales were Monaghan at 171, Longford at 180 and Leitrim at 186.

The most money by some margin was spent in Dublin at €3.57 billion, followed by Cork with €746 million and Kildare €411 million. The least was €20.8 million in Longford.

According to Angela Keegan, Managing Director of MyHome.ie, the rise in activity in commuter Counties reflected the significant demand that is evident around Dublin.

‘It emphasises the relative affordability of good properties in these areas, particularly in the context of the Central Bank’s mortgage lending rules of three and a half times’ the buyer’s income,’ she said.

‘This has been complemented by a major boost in new home building in these counties, which has been beneficial for first time buyers and indeed the property market as a whole, offering supply where it is much needed,’ she added.

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