The total value of Ireland’s residential property market rose 7.4% to €11.5bn, despite a 3.5% fall in the actual level or volume of residential property transactions, according to Myhome.ie.
Having number-crunched the tallies on the Residential Property Price Register, there’s been an uneven geographic pace of recovery in sales, according to the Myhome analysis, which found the number of sales up in only six counties, and typically from a low base. Among those recovering well was Waterford, with volumes up 11%.
In all, the Register analysis found a drop of 3.5%, to 47,175 property transactions in 2016.
Cork City and county accounted for 11% of all property sales nationwide last year, the second-highest number after Dublin, with its property market still relatively stable in 2016. The volume of sales throughout Cork dipped by just 1.3% in 2016, down to 5,322 from 5,394 in 2016. However, the value of sales increased by just 0.5%, to just over €1.1bn.
After Dublin ‘s 15,036 sales (totalling €6bn, a third of the total value nationwide), and Cork’s 5,322, the other top five counties were Galway (2,464, down 12.7%) Kildare (2,224, down 3%) and Limerick (1,828, down 9.4% in volume.)
MyHome.ie managing director Angela Keegan said the figures reflected the two main trends in the property market: Lack of supply and rising prices.
She said it was going to take some for the market to return to equilibrium. “While the news is relatively positive for Cork, Waterford, Tipperary and other counties such as Sligo and the Midlands, the fact remains that the number of sales has declined in the vast majority of counties. We have approximately 2m properties in Ireland and, in a normal market, around 4% or 80,000 of these would be changing hands each year. As this analysis shows, we are a long way short of that.”
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