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Number of Irish house sales expected to rise by up to 9% to 60,000 this year

Written by Robert McHugh, on 24th Sep 2018. Posted in Property

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A new study based on an analysis of the Property Price Register shows that the number of sales nationally has increased by 3.6% in the first half of 2018, compared to the same period last year.

The study, which was carried out by leading property website MyHome.ie, shows that there were 24,448 sales nationally in the first half of the year. The value of those transactions also increased substantially, rising from €6.04bn to €7.11bn, an increase of 18%.
 
While the number of sales rose in sixteen counties, fell in nine and remained unchanged in one, the amount of money spent on property in each county was up in all but three counties - Louth, Monaghan and Clare. While the falls in the number of sales in many counties were low or even marginal, there were sizable falls in Monaghan (21.7%), Kilkenny (9.5%), Cavan (9.2%) and Clare (7.4%).
 
Dublin, which is responsible for around a third of the property market, led the way in the first six months of the year with 8,187 sales – an increase of 8% on the 7,582 sales recorded for the same period last year. However, the value of sales in the capital rose by a substantial 26% to €3.8bn from €3.01bn. The capital was followed by Cork with 2,532 sales, Kildare 1,250, Galway 1,094 with Meath 1,056 and Limerick 901 making the top six.
 
According to the PPR there were 335 €1m plus sales in Dublin in the first half of the year. While 16 of the top 17 sales were for apartment blocks, the biggest one-off property sale was Inniscorrig, Coliemore Road, Dalkey in May for €7.8m.

There were six €1m plus sales in Kildare and five in Meath. The counties with the lowest number of sales were Monaghan (162), Longford (201), and Leitrim (214). 

Overall there were 21 sales of €1m plus in Cork with the largest one-off property sale being San Paula on Orchard Road for €1.9m in January.
 
Commenting on the report, Managing Director of MyHome.ie, Angela Keegan said, "While the rise in sales in the commuter belt was a big part of the story in the first six months of last year, it’s interesting to see the counties recording the biggest percentage increase in sales this year include Carlow (18.5%), Roscommon (14.6%), Laois (13.5%), Waterford (11.8%) and Donegal (9%). Not surprisingly some of these counties also feature prominently in the list of counties where the value of sales rose the most."

She added, "This trend probably reflects the fact that the recovery is spreading to other parts of the country while it also indicates some people may be moving out beyond the commuter belt due to affordability issues."

Source: www.businessworld.ie

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