Encouraging signs for Dublin property market

A NEW study based on an analysis of the Property Price Register shows that transactions in Dublin are up 13 per cent in the first six months of the year compared with the same period last year.

The figures show that transactions are up in four out of five postcode areas.

The study, which was carried out by property website MyHome.ie, shows that more than two thirds of the 23 postcode areas recorded a record number of transactions for the first half of 2013 compared with the same six-month periods in 2012, 2011 and 2010.

Overall, 3,671 homes and apartments were sold in the capital by the end of June compared to 3,252 in the first six months of 2012.

The value of transactions is also at a three year high with

?¬1.197 billion raised from sales in the capital in the period from January 1 to June 30. The comparable figure for the first six months of 2012 was

?¬965 million.

Angela Keegan, managing director of MyHome.ie, said the fact that transaction values were up 24 per cent in the first six months of the year was encouraging.

“The value of transactions are up but this comes off the back of six years of falling prices,

? she said.

“That trend could not continue and the fact it has been arrested in Dublin and prices are beginning to stabilise or rise in most areas is a positive development for the property market in the capital.

?

Transactions have fallen back in a handful of areas, most notably in Dublin 5, 20, 14, 15 and16. The latter three areas had accounted for the most sales in the capital in each of the last three years. The study shows that sales were down 2 per cent in Dublin 16, 5 per cent in Dublin 14 and 20 per cent in Dublin 15.

Ms Keegan said the main reason behind the fall in these areas was a lack of suitable stock. To date there has been 4,743 transactions this year in Dublin, but there is still some way to go if last year’s tally of 8,984 is to be surpassed.