Authored by the expert who managed and guided the team behind the Ireland Property Pack
Yes, the analysis of Dublin's property market is included in our pack
What do the latest numbers reveal about Dublin’s real estate market? Are property prices on the rise, or are they stabilizing? Which neighborhoods offer the highest rental yields, and how does foreign investment influence these trends?
We’re constantly asked these questions because we’re deeply involved in this market. Through our work with developers, real estate agents, and clients who invest in Dublin, we’ve gained firsthand insights into these trends. Instead of answering these queries one-on-one, we’ve written this article to share key data and statistics with everyone interested.
Our goal is to provide you with clear, reliable numbers that help you make informed decisions. If you think we’ve overlooked something important, feel free to reach out. Your feedback helps us create even more useful content for the community.
How this content was created 🔎📝
1) Dublin’s residential property vacancy rate is now under 5%
The vacancy rate for residential properties in Dublin has dropped to below 5%.
In recent years, especially in 2023 and 2024, Dublin's economy has been booming, drawing more people to the city. This economic growth has led to a surge in job opportunities, attracting individuals and families alike. As more people flock to Dublin, the demand for housing has skyrocketed, but the supply hasn't kept up, creating a fiercely competitive rental market.
With the influx of new residents, the vacancy rate has plummeted, reaching a record low of just 1%. This means finding a place to live in Dublin has become increasingly challenging. The city's growing population and rapid urbanization have only intensified the demand for rental properties.
Landlords have noticed this trend and responded by hiking up rental prices, which has further contributed to the low vacancy rates. The combination of high demand and limited supply has kept the rental market bustling, with landlords benefiting from increased rental income.
As Dublin continues to thrive economically, the housing market remains tight. The city's appeal as a vibrant and prosperous place to live has made it a magnet for newcomers, keeping the pressure on the housing supply. This dynamic has resulted in a steady decrease in available rental properties.
For those considering buying property in Dublin, it's essential to understand the current market conditions. The low vacancy rates and rising rental prices reflect a city in high demand, making it a potentially lucrative investment opportunity. However, the competition is fierce, and the market is fast-paced, so acting quickly is crucial.
Sources: RTE Report on Vacancy Rates, Team Lorraine on Irish Property Market Forecast, Irish Times on Property Market Predictions
2) A one-bedroom apartment in Dublin now rents for €1,800 per month
In 2023 and 2024, Dublin's housing market saw major shifts.
With Dublin becoming a hotspot for both locals and internationals, the rental market is fiercely competitive. High demand for housing has pushed prices up as more people scramble for the limited spaces available. This surge in interest is a key driver behind the rising rent costs.
Living in Dublin isn't just about rent; the overall cost of living is climbing. Utilities and other daily expenses are on the rise, prompting landlords to hike rents to cover their own increased costs. This ripple effect is making it more expensive to call Dublin home.
Dublin's economic boom is another piece of the puzzle. The city is attracting businesses and workers, leading to a bustling job market. More job opportunities mean more people moving in, which in turn fuels the demand for housing.
All these factors combined have led to a situation where the average rent for a one-bedroom apartment in Dublin is now €1,800 per month. This figure highlights the intense pressure on the housing market as it struggles to keep up with demand.
Sources: Apartments.com, FindAllRentals.com
We made this infographic to show you how property prices in Ireland compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It’s an easy way to spot where you might get the best value for your money. We hope you like it.
3) New apartment developments in Dublin increased by 8% in 2024
In 2024, new apartment developments in Dublin rose by 8%.
This uptick is largely due to a surge in planning permissions. By the second quarter of 2024, permissions were granted for 68,989 new apartments, which formed a significant chunk of the planned new homes in Dublin. This wave of approvals set the stage for a construction boom.
By mid-2024, 17,519 units were actively under construction across 198 sites. This shows a robust effort to boost the housing supply, especially in the apartment sector. The completion of 2,782 new apartments in Q2 2024 further underscores the progress in these developments.
These developments reflect a strategic push to meet Dublin's housing demand. The trend of increased construction and completions is in line with the broader goal of expanding the city's housing supply.
For potential buyers, this means more options and possibly more competitive pricing. The city's commitment to increasing housing availability is evident in these numbers.
As Dublin continues to grow, these new developments could play a crucial role in shaping the city's future housing landscape.
Sources: Dublin Housing Supply Pipeline Q2 2024 Report, Dublin Property Market Price Watch, Monthly Housing Update December 2024
4) First-time homebuyers in Dublin are now averaging 34 years old
The average age of first-time homebuyers in Dublin is now 34 years.
Over the last decade, this age has climbed by five years, largely due to soaring house prices and a shortage of affordable options, especially in Dublin. According to the Real Estate Alliance, these factors have made it increasingly difficult for younger buyers to step onto the property ladder.
In Dublin, the financial challenge is even more pronounced. The cost of new builds averages around €475,000, while existing homes are about €387,400. Such high prices create a significant barrier for younger buyers, pushing the average age of first-time buyers higher.
Many in Ireland still believe the ideal age to buy a first home is between 25-29, but the reality is starkly different. For joint homebuyers, the average age is 39, and for individual buyers, it's 43. This gap between perception and reality underscores the hurdles faced by first-time buyers in Dublin.
These statistics highlight the growing challenges in the Dublin housing market, where the dream of owning a home is becoming increasingly elusive for younger generations.
Sources: Sinn Féin, Real Estate Alliance, Royal London Ireland
5) The average price per square meter for a property in Dublin is now €5,000
In Dublin, the average price per square meter for a property is now €5,000.
This reflects the city's status as one of the most expensive places to buy property in Ireland. For example, if you're eyeing an apartment in the city center, be prepared to pay up to €7,665.61 per square meter. The demand for homes in Dublin is high, and the supply is limited, which has been pushing prices up consistently.
Over the past few years, this trend has been clear, with property prices in Dublin rising steadily. In 2023 and 2024, experts predicted an average price increase of about 6.25% across all Dublin postcodes. Some neighborhoods were even expected to see jumps as high as 12%, making it a competitive market for buyers.
The Residential Property Price Index (RPPI) backs up these observations, showing a 4.5% increase in Dublin's property prices over the past year. This means the median price for homes has reached €330,000, underscoring the strength of the market.
For anyone considering buying property in Dublin, these figures highlight the importance of understanding the market dynamics. The combination of high demand and limited supply continues to drive prices upward, making it crucial to stay informed and act quickly when opportunities arise.
Sources: Aparthotel, Unique Media
Don't buy the wrong property, in the wrong area of Dublin
Buying real estate is a significant investment. Don't rely solely on your intuition. Gather the right information to make the best decision.
6) Rental yields in Dublin have risen by about 3% over the past year
In Dublin, rental yields have increased by approximately 3% over the past year.
This change is reflected in the average gross rental yield of 7.33% as of Q1 2024, according to the Global Property Guide. This figure indicates a stable yet upward trend as the market adjusts to evolving conditions.
Recent trends show a steady rise in rental inflation. The CKP Irish Rental Report Q3 2024 highlights that rental inflation in Dublin jumped from 2.6% in early 2023 to 5.2% recently. This increase in rent prices suggests that property owners are seeing better returns on their investments.
Supply dynamics are also influencing the market. Increased apartment construction in Dublin has helped stabilize rents, potentially boosting rental yields as more units become available. However, the exact impact on yields isn't detailed in the report.
For potential property buyers, these factors mean that investing in Dublin's rental market could be promising. The combination of rising rental inflation and stable supply creates a favorable environment for rental income growth.
Understanding these trends can help you make informed decisions about property investments in Dublin. With rental yields on the rise, now might be a good time to explore opportunities in this vibrant city.
Sources: Global Property Guide, CKP Irish Rental Report Q3 2024
7) The average size of a new apartment in Dublin is now 75 square meters
The average size of a new apartment in Dublin is now 75 square meters.
Across Ireland, new apartments typically measure around 72 square meters, so Dublin's figures are quite representative of the national trend. This consistency highlights how Dublin's apartment sizes reflect broader patterns seen throughout the country.
Building in Dublin isn't cheap, with construction costs reaching €2,363 per square meter. These high expenses might push developers to create more cost-effective designs, which could influence the average apartment size. However, while these costs add pressure, they don't directly dictate the size of new apartments.
Local planning policies in Dublin require that one-bedroom apartments be at least 37 square meters. These regulations ensure a basic standard of livability, but the actual average size of apartments can still vary based on what the market demands and how developers choose to respond.
Developers in Dublin must balance between meeting these minimum size requirements and managing the high construction costs. This balancing act can lead to strategic decisions that affect the overall size of new apartments.
Ultimately, while the average size of new apartments in Dublin is 75 square meters, various factors like construction costs and planning policies play a role in shaping this figure.
Sources: Statista, Dublin City Council, Phys.org
8) Sales in Dublin's luxury property market rose by 6% in 2024
The luxury property market in Dublin saw a 6% rise in sales in 2024.
One major factor driving this increase was the high demand for luxury homes that far outstripped the available supply. This imbalance naturally pushed prices upward, creating a competitive environment where more buyers were eager to invest.
Additionally, the overall trend in Dublin's real estate market showed a consistent rise in property prices, including luxury homes. This was largely due to strong demand coupled with limited supply, a common scenario in bustling urban markets. When fewer homes are available and many are looking to buy, prices tend to climb, leading to increased sales activity.
In Dublin, this pattern was particularly evident as buyers sought exclusive properties in prime locations, further driving up the market. The allure of owning a prestigious home in a vibrant city like Dublin attracted both local and international buyers.
Moreover, the city's economic growth and cultural appeal have made it a hotspot for luxury real estate. Investors see Dublin as a promising market, contributing to the surge in sales as they seek to capitalize on the city's upward trajectory.
As a result, the luxury property market in Dublin has become a dynamic and competitive arena, with buyers eager to secure their place in this thriving sector.
Sources: Business Post, World Property Journal, KBD
We created this infographic to give you a simple idea of how much it costs to buy property in different parts of Ireland. As you can see, it breaks down price ranges and property types for popular cities in the country. We hope this makes it easier to explore your options and understand the market.
9) Properties with energy-efficient features in Dublin increased by 10% in 2024
In 2024, Dublin experienced a 10% increase in properties with energy-efficient features.
This shift is partly due to a rise in domestic Building Energy Ratings (BER) audits. In the second quarter of 2024, these audits were 9% higher than in the same period in 2023, indicating a growing interest in evaluating and improving energy efficiency.
The momentum continued into the third quarter of 2024, with a 4% increase in BER audits compared to Q3 2023. This consistent effort shows a commitment to enhancing the energy efficiency of Dublin's properties.
New constructions from 2020 to 2024 played a crucial role, as many of these buildings were designed with energy efficiency in mind. A significant number of these new buildings received top energy ratings, contributing to the overall rise in energy-efficient properties.
These improvements are not just about numbers; they reflect a broader trend towards sustainability in Dublin's real estate market. The focus on energy efficiency is becoming a key factor for potential buyers, making properties more attractive and environmentally friendly.
As more homeowners and developers prioritize energy efficiency, Dublin's property market is likely to continue evolving in this direction. This trend is not only beneficial for the environment but also adds value to properties, making them more appealing to buyers looking for sustainable living options.
Sources: CSO, CSO, Climate Council
10) Properties sold above asking price in Dublin rose by 6% in 2024
In 2024, the number of properties sold above the asking price in Dublin increased by 6%.
Last year, Dublin's property market was already heating up with significant price inflation and low supply, and this trend continued into 2024. Despite a 4% increase in the number of properties for sale, demand remained sky-high, pushing average selling prices to 8% above asking prices, a record high.
According to MyHome.ie's Q3 2024 Dublin Residential Market Report, the market dynamics favored sellers. Even with more homes on the market, it wasn't enough to satisfy eager buyers, leading to fierce competition and higher prices.
MyHome.ie's Q2 2024 transaction report further emphasized the seller's market, noting that values in key areas rose by 4% while the supply of properties dropped by 18% compared to the previous year. This scarcity drove many buyers to pay premiums, with average selling prices 6% over asking prices.
For those considering buying property in Dublin, it's crucial to understand that the market is competitive. The limited supply and high demand mean that properties often sell quickly and for more than the listed price.
In this environment, potential buyers should be prepared for bidding wars and consider acting swiftly when they find a property they like. The current market conditions make it a challenging but potentially rewarding time to invest in Dublin real estate.
Sources: MyHome.ie Q3 2024 Dublin Residential Market Report, MyHome.ie Q2 2024 Transaction Report, MyHome's Report on Vendors Achieving Premiums
While this article provides thoughtful analysis and insights based on credible and carefully selected sources, it is not, and should never be considered, financial advice. We put significant effort into researching, aggregating, and analyzing data to present you with an informed perspective. However, every analysis reflects subjective choices, such as the selection of sources and methodologies, and no single piece can encompass the full complexity of the market. Always conduct your own research, seek professional advice, and make decisions based on your own judgment. Any financial risks or losses remain your responsibility. Finally, please note that we are not affiliated to any of the sources provided. Our analysis remains then 100% impartial.