The capital city of the Republic of Ireland, Dublin has a long literary and academic tradition plus a reputation for being one of the most hospitable cities in the world. Its many attractive museums, pubs, restaurants and shopping streets make it a key European tourist destination as well a great place to study, live and work.
The residential sales market in Dublin is highly active, with transaction volumes increasing steadily by an average of 18% year on year since 2012.
Transaction volumes have been boosted by an increasing number of newbuild sales, which accounted for more than a quarter of the residential market in 2018, up from 12% on average in 2015.
An increased supply of available properties for sale has created a healthier market and taken pressure off price inflation in recent months. House price growth in 2017 was 11.7%, slowing to 6.3% in October 2018.
This is a welcome slowdown, given that house prices had increased by 89% since the market trough in 2013. However, there is still room for improvement as prices remain some 20% below their previous market peak back in in 2006.
There is continued upward pressure on rents in Dublin. Rents increased by 7.8% year on year in 2017, with the latest data showing growth of 10.9% year on year in Q3 2018. This is driven by a notable supply and demand imbalance, strong economic growth and demographic trends.
As a result, investment in build-to-rent has gathered pace over the last 12 months, with this sector accounting for 25% of all property investment in Ireland H1 2018, compared with 9% on average between 2012 and 2017.
What you can rent in Dublin: Honeypark
Located 10km from Dublin City Centre, this 319-unit build-to-rent scheme forms part of the larger Honeypark development which comprises a total of 1,800 homes.
|Address: Dún Laoghaire, Co Dublin|
|Status: Complete, 2018|
|Number of units: 319|
|Average rents per calendar month: €2,000 ($2,280) for a 2-bed and €1,700 ($1,940) for a 1-bed|
|Developer: Cosgrave Group|
|Architect: Mc Crossan O’Rourke Manning|
Honeypark is built on a former golf course which features park land, multi-sport playing areas, a lake and a children’s playground. Residents benefit from a private gym, concierge, free wi-fi in communal areas, gated car parking, secure cycle storage and local office pods. Other amenities on-site include a supermarket, restaurants, café, a creche, and car sharing services.