Dublin House Prices Drop 7% in 12 Months While Prices Surge in Rest of Ireland
NOVEMBER 2021 PROPERTY MARKET REPORT:
A home with a view will set you back 23% more than national average price but your privacy is the most expensive at a 29% premium.
Dublin house prices have dropped by 7 per cent in the last 12 months while prices in the rest of Ireland have risen by 11 per cent.
In November 2020, the average Dublin house price was €530,130 while 12 months later it had fallen by nearly €39,000 to €491,317. This stands in marked contrast to the rest of Ireland where house prices have risen from an average of €214,777 in November 2020 to €237,389 in November 2021.
When you look at what that buys you, each popular feature comes with its own price tag. To enjoy a home that boasts privacy, one of the top requests from property buyers, you will need an average budget of €444,680, 29% higher than the average property price. To be able to unpack your boxes and move right in, no work needed, you’re looking at €330,706.
The price drop in Dublin and the increase in the rest of the country is likely due to the impact of pandemic-related remote working. Buyers realising that working from home under the COVID-19 restrictions offered them an opportunity to move out of the city into potentially less expensive, more spacious properties.
House prices in areas within commuting distance of Dublin have also seen strong growth over the last 12 months. In Meath, Kildare and Louth the average property price has climbed 10 per cent, 11 per cent and 20 per cent respectively during the year.
Figures also show that buyers are searching for homes that offer specific lifestyle features, whether that be location, setting or condition of the property.
With so much of our day-to-day living like working, socialising and being with family is now taking place in our homes, therefore people want those homes to be able to facilitate that in a really comfortable way. That often means greater indoor and outdoor space, easy access to natural amenities, and the feeling of more security in the home environment.
Enjoying a sea or country view will set you back €417,533, or 23% more than the November 2021 average property price and to feel the sand beneath your toes comes with an average price of €372,573.
The striking difference between Dublin and the rest of the counties is becoming more apparent in home size and bedrooms.
The average Dublin property is on average 24% smaller, yet every square metre comes at a 90% higher price. For the first time in November 2021, the price of a 5 bedroom home has a €1 Million price difference and the cost of a 2 bed Dublin home will buy you 4 beds elsewhere in the country.
However, not all counties are seeing home prices increasing. In Monaghan, prices have plummeted by 26% from € 263,783 in November 2020 to € 194, 306 in November 2021, while Kerry has seen a 14% drop in overall property prices.
Sold house price data comes from 1-30th November PropertyPriceRegister data, all other data is from 1-30th November 2021 PerfectProperty.ie listings.