Despite a marginal dip in property transactions in Ireland during the first quarter of 2023, the overall value of these transactions has seen a substantial increase, according to a comprehensive study conducted by MyHome.ie. The data underlines a fascinating shift in the dynamics of the Irish property market, revealing a 2.2% decrease in transaction volume compared to the same period in the previous year, but a significant escalation in transaction values.
As reported by MyHome, there were 12,788 transactions recorded between January 1st and March 31st, 2023, a modest reduction from the 13,077 sales made during the same period in 2022. Despite this decrease in sales volume, a considerable surge in spending was observed, with the total expenditure on property transactions jumping by almost €600 million.
MyHome reported that just over €5.049 billion was spent on property in Ireland in the first three months of 2023, compared with €4.466 billion during the equivalent period in 2022. This equates to an additional €582,287,160 spent in Q1 2023 compared to the first quarter 12 months earlier.
Further amplifying this trend, the average expenditure on a property escalated from €341,546 to €394,798 – a notable increase of 15.6%. The largest single transaction of the quarter was an off-market sale of a property at 8 Marlborough Road in Glenageary, Co Dublin, which fetched a whopping €6.5 million in January.
The first quarter’s sales figures also indicate a varied regional distribution of transactions across different counties. MyHome’s data showed that Dublin, with 3,927 transactions, led the pack, followed by Cork (1,423 transactions) and Galway (646 transactions). Among the other counties, Kildare reported 752 transactions, Wexford had 492, and Meath saw 511 transactions. Meanwhile, counties such as Carlow and Cavan reported 166 and 176 transactions respectively.
This new data highlights an intriguing pattern in the Irish property market – though fewer properties are changing hands, the ones that do are fetching higher prices. As Ireland’s housing market continues to navigate the turbulence caused by various economic factors, reports such as this one from MyHome provide invaluable insights, shedding light on the intricate patterns and trends that shape the sector’s future trajectory.