Estate agents say segments of the housing market have been slowing in last 12 months The rise and fall of Ireland’s million-euro homes The number of €1m-plus homes being sold across Ireland has fallen dramatically over the past 12 months. An Irish Independent residential property price survey has revealed that sales of premium properties have now fallen 21pc by volume over quarter two in just two years. Sales of €1m-plus properties soared from 63 nationwide in 2021 (April-June) to 106 in 2022, an increase of almost 40pc.
Overall sales then declined to 94 in 2023 and down again to 84 this year (April-June). However, one leading Dublin auctioneer, Owen Reilly, warned that the decline in numbers was related to supply issues rather than to any cooling at the upper end of the Irish property market. “I would be confident in saying that, in terms of sales of houses in the €1.
5m-plus range, demand has been stronger over recent months than at any time over the past five years,” he said. “It really is a question of supply. If the houses are coming to the market in the €1.
5m-plus range and they are valued correctly, they will sell.” Mr Reilly argued that such premium homes, which might have taken nine to 18 months to sell five years ago, are now selling in a matter of weeks. He said there was also a significant demand for country estate-type homes among Irish buyers who have their own businesses or are doing very well in the art, entertainment, sport or IT fields.
“The demand is there – the issue is that there is a very low supply.” Sales of luxury homes across Dublin have declined by 9pc in volume since 2023 while Wicklow, which was at the forefront of the million-euro home sales frenzy over the past five years, has witnessed an even bigger decline of almost 28pc since 2022. Between April-June 2022, Dublin registered a record 58 residential property sales with a value in excess of €1m.
That number fell to 54 over the same period in 2023. Now, the latest figures have revealed a further fall to 49 sales with a value of more than €1m between April-June this year. That represents a 9pc decline on 2023 sales levels but a 15pc decline compared to 2022.
The decline is even more stark in Wicklow which, since 2019, had been at the forefront of the sales frenzy in luxury homes, particularly in the Greystones, Bray and Enniskerry areas. Between April-June 2022, Wicklow recorded 18 residential property sales worth more than €1m. That fell to 15 over the same period last year and, in 2024, had fallen again to 13 properties.
Since the 2022 high, Wicklow has witnessed a near 28pc decline in the number of sales of luxury homes. Eight counties have also recorded declines in overall sales of properties with a listing of €1m plus. Twelve counties failed to register a single residential property sale with a value of more than €1m this year.
One county – Offaly – registered its first €1m-plus house sale since 2020 this year. Five counties that registered €1m-plus residential property sales between 2021-2023 have failed to register a single such sale in Q2 this year – Cavan, Clare, Mayo, Roscommon and Waterford. MyHome.
ie managing director, Joanne Geary, said supply is a critical factor affecting the Irish property market. The Bank of Ireland/MyHome.ie property price survey last April noted that asking prices had increased by 6.
5pc nationwide compared to 2023 – with property stocks on the market falling to a new low of 10,935, a decline of 19.5pc. “As always, supply continues to be a hot topic for the property market,” Ms Geary said.
“But we are encouraged by the number of housing starts in the first two months of the year. The figure of just over 7,000 starts is up an enormous 72pc on the same period in 2023. “Our lack of stock is not something which will be solved overnight but it is good to see that we are moving in the right direction.
” Leading estate agent, Kildare-based MM Ward, said that, contrary to popular belief, segments of the market have been slowing over the past 12 months. “The average house price in Ireland rose by 1.1pc between Q2 and Q3 in 2023, and by 3.
7pc year on year. “Although this may seem like a sizeable increase, it marks a sharp slowdown from the double-digit rises we have seen over the previous few years. “When adjusted for inflation, house prices actually declined 4.
1pc year on year to July 2023.” The Irish Independent /REA Average House Price Index indicated the growing emergence of a two-tier property market in Ireland. “Dublin is becoming a two-tier market, with the average house price proving to be an affordability ceiling of sorts,” REA spokesperson Barry McDonald said.
“While our agents predict an average 1pc increase for Dublin across 2024, this varies according to prices in their immediate area. “Consider that agents on the west side of Dublin, where homes are more affordable, recorded notable increases in Q4, with Lucan prices rising by €20,000 to €435,000 (4.8pc) and Tallaght increasing by 3.
5pc to €290,000. “In areas such as Rathcoole, the market is chasing affordability and a scarce supply of properties has been selling at a faster pace. “However, while these agents are also predicting rises of 3-5pc in 2024, those located in areas where prices are already above the average Dublin price, showed little to no growth in Q4 and are now forecasting price falls in the next 12 months.
” However, prime properties are still fetching record sums when they come to market – with many sold within weeks of being offered, in many cases matching or exceeding their asking price. On June 13, 2023, 71 Merrion Square in Dublin sold for €9.24m.
The property, which was once home to fashion designer Sybil Connolly, was sold by financier Dermot Desmond, who bought the Georgian property in 2000. The latest owner of the stunning Dublin townhouse is Glen Dimplex chairman, Fergal Naughton. One of Ireland’s highest profile residential property sales over the past three years involved singer Chris de Burgh, whose Bushey Park House home in Wicklow fetched €9.
39m last year. The largest sale this year (April-June) involved Rathbeale Hall, in Swords, Dublin, which sold for €5.87m.
Other high-profile sales this year included 60 Ailesbury Road, which sold for €3.1m in May, and Tathony House, in Kilmainham, which fetched €5.69m in June.
In Wicklow, the highest-profile sale this year was the €2.8m which the former Carmelite Monastery, in Delgany, secured in May. In Cork, a Schull property with sea views made €1.
4m in April, while in Tipperary, Landscape Stud, outside Kilsheelan, sold for €1.4m in May. Mulcair Court, in Lisnagry, Limerick sold for €2.
5m in April, a price only surpassed by the €3.1m paid for St Vincent’s Centre in Limerick. In Kerry, €2.
49m was paid for Clahane, Ballyard, outside Tralee, with €1.47m paid for Kilnogleara in Dingle. The highest residential property price paid in the west was the €1.
95m paid for Ballindan, Aillebrack in Galway. !function(){"use strict";window.addEventListener("message",(function(e){if(void 0!==e.
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