House sales climb substantially in 2014, new figures show

€300 million spent on residential property in Dublin every month in first half of year

 

An average of €300 million was spent on residential property in Dublin every month over the first half of the year suggesting that the housing recovery is being sustained, according to a fresh analysis of the Property Price Register published this afternoon.

The study, carried out by The Irish Times owned property website Myhome.ie indicates that the level of transactions in the first half of the year climbed by just under 40 per cent when compared with the same period last year.

The register shows 15,864 sales taking place nationally in the six months to the end of June up substantially on the 11,387 12 sales recorded in the first half of 2013.

Every county recorded both sales figures and money spent climbing with the exception of Carlow, where the amount of money spent fell back by 8 per cent. However that decline was attributed to a one-off €2.1m sale of a property in Tullow in March of last year.

Unsurprisingly, it was Dublin that led the way in the first six months of the year with 5,240 sales taking place - up 32 per cent year-on-year. All told, €1.8 billion was spent on property in the capital alone, up 46 per cent over 2013 figure for the first half of 2013.

The capital was followed by Cork where 1,694 sales were recorded and Galway with 851 transactions.

“After some very challenging years the market is growing again and we need it to keep on growing if we are to return to a normally functioning market,” said myhome.ie managing director Angela Keegan.

“Sales are closely linked to employment opportunities and that is why we see more sales in our cities and the commuter belts. While we still have some way to go and the shortage of stock in Dublin and some other urban areas is a real concern - it’s clear confidence is returning to the market” Ms Keegan said.

According to the study the biggest percentage increases were recorded in the midlands and western areas. While Cavan led the way with sales up 114 per cent, this was helped significantly by the sale of 43 properties in the Clare’s Court development on Church Street in Cavan town.

The other counties which saw impressive sales growth were Kilkenny on 68 per cent, Offaly with 67 per cent and Laois on 62 per cent. Ms Keegan said that while these increases were coming off a low base it was “heartening” to see an increase in sales in these counties as it showed the recovery was beginning to spread from urban areas.