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As the majority of Ireland begin to open back up today while adhering to the new normalities the Covid-19 pandemic has introduced. The country has unveiled the effects this global pandemic has had on Ireland.
So, what effects has this unforeseen circumstance placed on Ireland’s Housing Market?
Following a sharp downturn in monthly sale prices in April by 5.3%. Unexpectedly June and July property sale prices rose by 2.3%. This came as a surprise to many spectators across Ireland. However, the continual land valuation growth over the last 5 years cannot be ignored. The avoidance of major disruption in the Irish Housing Market has come as no surprise to Wallace Estates. Although our capital has been seen as an area with high warning levels over the past few months due to its population density, its property sale rates remain higher than the majority of our island.
Considering that Ireland’s work environment has seen a major diversion to online means (where possible) property sales and rental rates in Dublin remain high. The confusion in these statistics remains puzzling to most.
How have Dublin and Cork upheld their Property Sale Prices and Rental Rates?
Many Urban Districts across Ireland have maintained a relatively high rate of both sales and rental confirmations. Pre-Covid-19, our country was hitting all-time highs in the demand for property sales and rentals. Our housing supply has remained at a similar level as before, with many property developments from April - June postponed through the Lockdown period keeping our property supply stagnant.
However, although this virus has once again seen growth in cases – especially in areas of high population density such as Dublin. The demand remains high. This in turn, brings positive news for both property developers and landlords alike.
Aside from Dublin’s business sector which was thought to have brought the majority of the population's property buyers to the area. These emerging trends have now unravelled that Dublin’s population has also been drawn on by its service offerings, amenities and its highly accessible location. Dublin’s prevailingly strong sale price gain of 3.4% in July, shows no suppression in the housing markets rates. While elsewhere in the country average rate rises remained around 1%.
Both Cork and Dublin rental rates remain high also. And this is no surprise. Dublin’s rental rates showed little movement since last year – up 0.2% from July 2019 – July 2020. Although a slight drop occurred since March, their yearly figure remains similar - following a slight growth once again over the past couple of months since April. Cork however, grew 2.3% from Q2 of 2019 to Q2 in 2020. Showing that aside from Ireland’s current circumstances, rental properties are still in incredibly high demand. Cork's Rise in Rental Rates - EchoLive
Urban areas have shown that regardless of their work capacities - leisure services and retail outlets amongst other benefits remain at the forefront of land attraction in conjunction with employment.
Property Sale and Rental Rates Ireland
As a whole, Ireland’s Housing Market has remained strong in every regard. Slight drops that occurred in the first instance of the national shutdown have recovered in a timely fashion - disregarding what predictions suggested. Property valuations remain strong with poorly supported predictions of decline.
For more information, Visit: Daft Irish Housing Market Report - July 2020
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