The Daft.ie House Price Report€¦ · residential sales market for 2017 in Review The Daft.ie...

An analysis of recent trends in the Irish residential sales market for 2017 in Review

The Daft.ie HousePrice Report

Introduction by Ronan Lyons, Assistant Professor at

Trinity College Dublin and author of the Daft Report.

A year of two halves

The figures in this year-end Daft.ie Report for the sales segment of the housing market show that 2017 was very much a year of two halves.

In the first half of the year, prices rose nationwide

by an average of 8.8% - with Dublin (9.5%) and the

rest of Leinster (11.4%) seeing the biggest increases

regionally.

By contrast, the second six months of the year saw

almost no change in the average price: whereas it

had been €240,093 in the second quarter, it was

€240,783 by the end of the year. Drilling into the

regional figures reveals a nuance to this: prices rose

by 2% in Dublin from July to December and by 1.5%

in the other cities – but fell by 1.3% outside the

cities.

How can we interpret these trends? At first pass,

this might seem somewhat random. If demand is

strong and supply weak, how can it be that two

quarters see very strong price gains, while the

next two see almost none. But this is to forget the

lessons of the bubble and crash.

It is not just fundamentals such as income,

demographics and supply that affect the sale price

of housing. These are the factors that affect both

the sale and rental value of housing. There are also

factors that affect the ratio of the two. These ‘asset

factors’ include interest rates, expectations and

credit conditions such as the mortgage rules.

When it comes to the sales market, then, the story

of 2017 is the story of just how pivotal the Central

Bank’s mortgage rules are. At the start of the year,

the Central Bank relaxed its minimum deposit rules,

in particular for wealthier first-time buyers. Whereas

previously, any mortgage credit above €220,000

required a 20% deposit, from 2017 all first-time

buyers required no more than a 10% deposit, no

matter how large their mortgage.

This relaxation of the rules spawned an almost

immediate price response in the market. But a

one-off change in rules can only bring about a

one-off shift in prices. And once this change in

credit conditions had been absorbed by the market,

the rules kicked in. Incomes are rising but very

modestly. Thus the second half of the year was the

flip side of the same argument: the Central Bank

rules matter when they aren’t changed as well as

when they are.

Taking a step back, it means that the price at the

end of 2017 was 9.2% higher than at the end of

2016. This is a bigger increase than was seen during

2016 (8%) or 2015 (8.5%). Indeed, of the years

since 2006, only 2014 – when prices rose 14.2% on

average nationwide – saw a bigger increase than the

year just gone. (Prices were stable in 2007 and in

2013 and falling for the years in between.)

The substantial increases over the last four years

mean that in a number of parts of the country,

prices are now within a year or two of reaching

Ronan Lyons, Assistant Professor in Economics, TCD

The Daft.ie House Price Report – 2017 in Review | 2

Market SurveyEach quarter, Daft.ie surveys over 1,000 property market participants, asking them about their sense of the market as a whole, and their own intentions. Below are some of the headline results.

Expected house price inflation remains high

The expected change in house prices over the coming 12 months currently stands at 5.7% nationally, the second highest reading since the series started in 2011. In Dublin, expected inflation over the next year is currently 7.8%, up from 3.5% two years ago.

Expected price change over next 12 months

Increase in perceptions of value in the housing market

The fraction of respondents believing that prices now represent good value rose slightly in the final quarter. This increase was driven by respondents outside Dublin, with 34% believing prices respresent value, compared to just 15% in Dublin.

Is housing good value currently?

Supply - not credit or economy - seen to drive price changes

During 2011 and 2012, those active in the market saw the mortgage market and the wider economy as key in driving house price trends. Now, 70% of respondents believe that the supply of property is the key factor driving price changes currently.

% stating that X is driving house price changes, nationally

National Dublin Ex-Dublin Economic Growth/Recession

Excess/Shortageof property

Availability ofmortgage credit

0%

10%

20%

30%

40%

50%

60%

70%

80%

Q42017

Q42016

Q42015

Q22014

Q42013

Q42012

Q42011

Q22017

Q12017

Q42016

Q32016

Q22016

Q12016

Q42015

Q42014

Q42013

Q42012

Q42011

Q32017

National Dublin Ex-Dublin

10%

20%

30%

40%

50%

60%

70%

80%

Q22017

Q12017

Q42016

Q32016

Q22016

Q12016

Q42015

Q42014

Q42013

Q42012

Q32017

Q42017

Q42017




0%

10%

20%

30%

40%

50%

60%

70%

80%

Q42017

Q42016

Q42015

Q22014

Q42013

Q42012

Q42011

Q22017

Q12017

Q42016

Q32016

Q22016

Q12016

Q42015

Q42014

Q42013

Q42012

Q42011

Q32017


10%

20%

30%

40%

50%

60%

70%

80%

Q22017

Q12017

Q42016

Q32016

Q22016

Q12016

Q42015

Q42014

Q42013

Q42012

Q32017

Q42017

Q42017




0%

10%

20%

30%

40%

50%

60%

70%

80%

Q42017

Q42016

Q42015

Q22014

Q42013

Q42012

Q42011

Q22017

Q12017

Q42016

Q32016

Q22016

Q12016

Q42015

Q42014

Q42013

Q42012

Q42011

Q32017


10%

20%

30%

40%

50%

60%

70%

80%

Q22017

Q12017

Q42016

Q32016

Q22016

Q12016

Q42015

Q42014

Q42013

Q42012

Q32017

Q42017

Q42017


their 2007 peak. The figures accompanying this

commentary show the 20 areas closest to their

Celtic Tiger peak.

The first is that all the areas closest to their 2007

peak are urban areas. Outside the main cities and

the Greater Dublin Area, the typical region has

prices that are still 45% below peak values. But in

Sandycove, prices are less than 10% below their

peak. A natural response to this is that the very top

end of the market is a law unto itself and that one

cannot read that much into the market as a whole

from places like Sandycove or Grand Canal Dock.

However, the second noteworthy point to take

from the graph is just how spread out the areas

closest to their peak area. It’s not only South County

Dublin. Areas like Raheny, Stoneybatter, Lucan

and Kimmage are as close to their peak as areas

like Milltown, Clontarf or Castleknock. And it’s not

just Dublin too. In North Limerick City, prices are

less than 20% from their peak while in Cork City,

Ballincollig prices are just 22% off peak.

The peak of the Celtic Tiger housing bubble is not,

of course, a target. Apart from those in negative

equity, there is little reason to cheer prices as they

rise year on year. What the bigger picture price

trends tell us is that housing demand is focused in

and around cities.

Contrary to some of the political debate in Ireland,

this is far from unhealthy. What is unhealthy is

trying to impose a non-urbanised housing market

on an urbanised labour market. Ireland is the least

urbanised country in Europe – but this just makes it

late, not different.

As Ireland goes from 65% urban to 80% or 85%

over the coming few decades, this will create huge

additional demand for housing in and around

Ireland’s major cities. If we as a country get that

wrong, we will be stuck in a sprawl model, with

implications for family life and environmental

sustainability, as well as for the housing market.

In 2018, work will get underway on implementing

the National Planning Framework, which is

supposed to put in place the foundations for Ireland

to grow over the next two decades. Here’s hoping

the Framework gets it right. Otherwise, there could

be many more years of housing market angst

ahead.

3 | The Daft.ie House Price Report – 2017 in Review

-24% -18% -12% -6% 0%

Prices in 2017 Q4 relative to 2007 peakRathminesMilltownLucanGlenagearyRathfarnhamStoneybatterBallincolligSmith�eldClontarfCastleknockSallynogginSkerriesTerenureKimmageDublin 2Limerick City (Nth)RahenyIFSCGrand Canal DockSandycove

Cork City€260,680 | 5.1%

Limerick City€176,952 | 6.9%

Galway City€273,232 | 8.1%

Waterford City€161,087 | 8.6%

NationwideAverage asking prices and Y-on-Y change

DublinAverage asking prices and Y-on-Y change

North County€307,319 | 11.2%

South County€564,081 | 5.9%

West County€304,224 | 11.1%

South City€394,881 | 11.5%

City Centre€315,834 | 20.8%

North City€329,318 | 11.8%

MN€164,2389.5%

CN€143,5203.1%

WH€183,24010.9%

LD€128,67119.5%

LH€205,72511.5%

MH€245,9359.2%

KE€250,0349.0%

WW€313,86610.7%

WX€192,6389.1%

CW€174,04611.4%

KK€206,8717.3%

LS€157,7825.5%

OY€169,80910.0%

G€184,1638.7%

MO€139,7030.4%

SO€130,9448.5%

DL€137,424-1.6%

RN€129,1913.3%

LM€120,2441.8%

CE€164,5894.9%

T€159,5155.0%

L€169,8128.6%

C€207,2117.7%

KY€178,5844.0%

W€202,8876.9%

Prices up 47% from their lowest pointNationally, the average asking price reached its lowest point

in the third quarter of 2013 and has risen 46.6% - or just over

€76,500 - since then. In Dublin, however, the bottom was

reached in the second quarter of 2012 and prices have risen

by an average of 61% - or €134,300 - since that time. The last

part of the country to see prices level off was Limerick - in

both Limerick city and county, prices only reached their lowest

point in the final quarter of 2014 but prices have risen by 50%

in the city (and by 29% in the county) since then.

The Daft.ie House Price Report – 2017 in Review | 65 | The Daft.ie House Price Report – 2017 in Review

0.0%Quarter-on-quarter change in average list price

Daft.ie List Price Index

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

January 185.3 213.8 212.9 184.5 151.6 128.2 105.6 96.8 99.9 112.8 122.1 134.1

February 200.2 215.8 212.3 180.9 150.3 128.1 104.5 96.1 99.3 117.6 122.9 135.6

March 198.1 214.8 209.6 177.4 146.7 125.3 102.9 96.6 103.3 119.1 125.7 135.8

April 203.2 216.5 208.1 174.7 146.6 121.8 101.7 96.6 104.5 118.7 125.0 140.6

May 205.3 217.5 205.7 171.0 145.0 120.1 102.2 97.0 107.2 119.4 126.0 141.9

June 207.1 217.1 203.4 167.7 141.8 116.1 99.5 97.5 107.9 118.2 127.8 140.6

July 209.3 219.2 202.3 165.1 138.0 115.4 97.8 96.5 109.9 120.3 128.9 141.4

August 210.4 217.5 199.6 161.2 137.6 113.1 98.9 97.0 111.2 120.4 130.1 142.0

September 213.8 215.8 198.1 159.2 136.5 113.3 97.1 96.7 112.9 121.5 130.9 141.0

October 214.7 214.8 193.7 156.4 134.0 108.7 97.9 97.2 110.5 120.6 128.7 141.8

November 212.8 212.4 188.2 152.3 130.9 106.0 95.8 96.9 110.0 119.5 129.0 139.2

December 214.9 213.5 186.3 150.9 129.8 106.0 96.0 96.2 111.1 119.8 131.0 143.3

Asking Prices, Residential Sales(2012 average = 100)


Prices stable for second quarter in a rowThe average listed price nationwide fell by less than €50 in the final quarter of the year, meaning prices were largely unchanged during the second half of the year.

Prices rise 9.3% during 2017

Compared the final quarter of 2017 with the same period in 2016, the average price nationwide wa 9.3% higher. This compares with increases of 8% in 2016 and 8.3% in 2015.

Stock on the market stable year-on-year

There were just over 21,000 properties available for sale nationwide on December 1st, just 566 lower than a year previously - the smallest fall in availability since early 2012.

Two in five properties sell within two months

39% of properties listed currently find a buyer within four months, largely unchanged from a year ago (38%).

Stock of properties on Daft.ie (start of month) and flow of properties, 2007-2017

Stock (lhs) Inflow (rhs) Outflow (rhs)

0

2000

4000

6000

8000

10000

12000

14000

2009 2010 2011 2012 2013 2014 2015 2016 2008 2007

0

10000

20000

30000

40000

50000

60000

70000

2017 Q4


The Daft.ie Asking Price Index is based on asking prices for properties posted for sale on Daft.ie. An index based on asking price, as opposed to closing price, is a measure of sellers’ expectations. Figures are calculated from econometric regressions, which calculate changes in price that are independent of changes in observable measures of quality, such as location, or bedroom number.

0.1%Quarter-on-quarter change in

average transaction prices

Daft.ie Transaction Price Index

2010 2011 2012 2013 2014 2015 2016 2017

January 151.8 132.0 100.0 92.8 104.7 120.0 135.6 145.5

February 145.5 127.8 99.9 94.3 100.1 125.0 129.4 145.9

March 145.0 120.9 102.5 95.3 103.2 120.6 131.1 150.8

April 146.2 122.0 102.3 97.9 107.4 123.0 133.9 146.9

May 137.9 117.0 98.3 98.1 110.1 128.5 131.6 147.3

June 142.6 115.8 97.4 100.1 111.4 130.8 135.0 152.6

July 139.1 119.6 101.8 101.1 113.4 128.6 138.0 152.9

August 138.1 114.0 99.5 101.5 119.1 132.0 140.2 155.5

September 133.6 111.9 101.7 100.2 119.2 123.6 141.2 158.2

October 130.2 108.0 98.0 103.5 120.8 133.9 142.4 155.2

November 134.4 108.4 98.0 104.3 121.2 129.2 145.1 155.7

December 133.9 108.3 100.6 106.5 118.1 130.8 141.3 153.4

Transaction Prices, Residential Sales(2012 average = 100)


Transaction prices rise 8.3% during 2017The rate of inflation in transaction prices nationwide was 8.3%, based on transactions registered by late December. This compares to 8.9% in 2016 and 9.4% in 2015.

House price inflation highest in the cities

House prices in Dublin rose by 9.1% during 2017 and by 10.1% in the other major cities - compared to an increase of 7.3% outside the cities.

10% annual increase in transactions continues into third quarter

The third quarter of 2017 saw over 14,000 transactions, 10% more than the same three month period in 2016 - and a similar year-on-year increase to that seen in the first half of the year.

5% gap between list and final price in cities

Compared to the initial list price, final transaction prices are more than 5% higher on average in Dublin and the other major cities - elsewhere in the country, the gap is closer to 2%.

Number of transactions recorded on the Price Register, 2010-2017


The Daft.ie Price Register Index is based on prices for residential properties recorded on propertypriceregister.ie, for which matches were found in the daft.ie archives. Because these are entered with a lag by solicitors, figures for previous quarters are subject to revision. Figures are calculated from econometric regressions, which calculate changes in price that are independent of changes in observable measures of quality, such as location, type, or size.

*Latest Quarter subject to significant revision

Q12010

0

2,000

4,000

6,000

8,000

12,000

16,000

14,000

10,000

Q2‘10

Q3‘10

Q4‘10

Q12011

Q2‘11

Q3‘11

Q4‘11

Q12012

Q2‘12

Q3‘12

Q4‘12

Q12013

Q2‘13

Q3‘13

Q4‘13

Q12014

Q2‘14

Q3‘14

Q4‘14

Q12015

Q2‘15

Q3‘15

Q4‘15

Q12016

Q2‘16

Q3‘16

Q4‘16

Q12017

Q2‘17

Q3‘17

Q4‘17

Daft.ie Snapshot ofAsking Prices Nationwide Average asking prices across Ireland (€000s), and annual change (%), 2017 Q4

The Daft.ie House Price Report – 2017 in Review | 1211 | The Daft.ie House Price Report – 2017 in Review

LEIN

STER

MU

NST

ERCO

NN

ACH

TU

LSTE

R

OTH

ER C

ITIE

S

1 bed apartment 2 bed terraced 3 bed semi-d 4 bed bungalow 5 bed detached

Dublin 1 €212 16.1% €317 17.7% €426 14.9% €581 10.8% €760 11.6%

Dublin 2 €317 33.9% €430 30.6% €578 24.0% €804 21.7% €956 20.4%

Dublin 3 €233 8.5% €343 11.9% €464 12.0% €673 5.0% €855 8.4%

Dublin 4 €310 4.3% €447 8.4% €663 8.2% €1,048 6.9% €1,327 10.4%

Dublin 5 €177 5.3% €250 9.9% €368 11.3% €561 7.6% €707 13.8%

Dublin 6 €304 12.1% €429 17.0% €632 18.4% €963 14.5% €1,214 21.1%

Dublin 6W €244 5.0% €344 9.6% €506 10.9% €770 7.3% €971 13.5%

Dublin 7 €199 15.8% €280 20.8% €413 22.3% €628 18.3% €792 25.1%

Dublin 8 €200 15.8% €283 20.9% €416 22.4% €634 18.4% €799 25.2%

Dublin 9 €183 6.4% €259 11.1% €381 12.4% €580 8.8% €731 15.0%

Dublin 10 €122 13.4% €172 18.4% €253 19.8% €385 15.9% €485 22.6%

Dublin 11 €142 7.1% €201 11.8% €296 13.1% €450 9.4% €568 15.7%

Dublin 12 €163 10.4% €230 15.2% €339 16.6% €516 12.8% €651 19.3%

Dublin 13 €183 4.8% €259 9.4% €381 10.7% €580 7.1% €732 13.2%

Dublin 14 €232 6.3% €328 11.0% €483 12.3% €735 8.6% €927 14.9%

Dublin 15 €146 7.9% €206 12.6% €304 14.0% €463 10.2% €584 16.6%

Dublin 16 €203 6.2% €286 10.9% €421 12.2% €641 8.5% €808 14.8%

Dublin 17 €130 11.6% €183 16.5% €269 17.9% €410 14.1% €517 20.6%

Dublin 18 €221 2.9% €312 7.4% €460 8.7% €700 5.2% €883 11.2%

Dublin 20 €165 5.1% €232 9.7% €342 11.0% €521 7.4% €657 13.6%

Dublin 22 €121 7.8% €170 12.5% €251 13.9% €382 10.1% €481 16.5%

Dublin 24 €128 6.8% €180 11.5% €265 12.8% €404 9.1% €510 15.4%

North Co Dublin €146 6.2% €206 10.8% €304 12.2% €463 8.5% €584 14.7%

South Co Dublin €260 1.2% €367 5.6% €540 6.9% €823 3.4% €1,038 9.4%

West Dublin €142 5.7% €200 10.3% €294 11.7% €448 8.0% €565 14.2%

Cork City €106 5.9% €149 10.5% €232 8.2% €381 5.5% €468 6.2%

Galway City €103 9.2% €146 14.0% €226 11.6% €371 8.7% €457 9.5%

Limerick City €74 7.0% €105 11.7% €163 9.3% €268 6.6% €329 7.3%

Waterford City €65 9.5% €92 14.3% €143 11.9% €234 9.1% €288 9.8%

1 bed apartment 2 bed terraced 3 bed semi-d 4 bed bungalow 5 bed detached

Meath €91 6.5% €126 11.0% €181 11.1% €335 6.0% €377 11.7%

Kildare €98 6.4% €136 10.9% €194 11.0% €360 5.9% €405 11.5%

Wicklow €121 8.3% €168 12.9% €240 13.0% €446 7.8% €501 13.6%

Louth €82 8.3% €113 13.0% €162 13.0% €301 7.9% €338 13.6%

Longford €45 17.2% €62 22.3% €89 22.4% €165 16.8% €185 23.0%

Offaly €62 7.9% €86 12.5% €123 12.6% €229 7.4% €257 13.1%

Westmeath €68 10.2% €94 14.9% €135 15.0% €250 9.7% €281 15.5%

Laois €60 3.1% €83 7.5% €119 7.6% €220 2.7% €248 8.1%

Carlow €64 9.0% €88 13.7% €127 13.8% €235 8.6% €264 14.3%

Kilkenny €74 4.8% €103 9.3% €147 9.4% €273 4.4% €307 9.9%

Wexford €66 7.0% €92 11.6% €132 11.7% €244 6.6% €275 12.2%

Waterford Co €72 8.7% €92 10.5% €138 10.7% €266 10.9% €277 4.3%

Kerry €63 6.3% €80 8.1% €120 8.3% €230 8.6% €240 2.1%

Cork Co €75 9.9% €96 11.7% €144 12.0% €278 12.2% €290 5.6%

Clare €60 6.9% €77 8.7% €115 8.9% €222 9.1% €232 2.7%

Limerick Co €58 11.2% €74 13.0% €111 13.2% €213 13.5% €223 6.7%

Tipperary €57 7.1% €73 8.8% €110 9.1% €211 9.3% €220 2.8%

Galway Co €60 18.3% €80 24.2% €117 22.6% €216 14.6% €248 17.1%

Mayo €51 8.7% €68 14.1% €100 12.6% €184 5.3% €211 7.5%

Roscommon €44 12.9% €58 18.5% €86 16.9% €158 9.3% €182 11.6%

Sligo €52 16.1% €68 21.9% €100 20.3% €184 12.5% €212 14.8%

Leitrim €44 10.5% €58 16.0% €85 14.4% €157 7.0% €180 9.3%

Donegal €48 6.5% €63 11.8% €93 10.3% €172 3.1% €197 5.3%

Cavan €49 11.3% €65 16.9% €95 15.3% €175 7.8% €201 10.1%

Monaghan €59 17.2% €78 23.0% €115 21.4% €211 13.5% €243 15.9%

DU

BLIN

DublinSmall rises in most parts of the city

One year ago Previous quarter Current quarter

Proportion of properties marked as sale agreed and withdrawn, 2012-2017.

0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

Within 6 months

Within 4 months

Within 2 months

How fast are properties in Dublin selling?


North CityAverage price: €329,318Qtr-on-qtr change: 1.1%Year-on-year change: 11.8%Change from trough: 67.1%

City CentreAverage price: €315,834Qtr-on-qtr change: 3.0%Year-on-year change: 20.8%Change from trough: 88.3%

South CityAverage price: €394,881Qtr-on-qtr change: 1.6%Year-on-year change: 11.5%Change from trough: 62.3%

North CountyAverage price: €307,319Qtr-on-qtr change: 1.3%

Year-on-year change: 11.2%Change from trough: 50.8%

West CountyAverage price: €304,224Qtr-on-qtr change: 1.5%


South CountyAverage price: €564,081Qtr-on-qtr change: 0.9%


Dublin City Centre North Dublin City South Dublin City North County Dublin South County Dublin West County Dublin

€650,000

€600,000

€550,000

€500,000

€450,000

€400,000

€350,000

€300,000

€250,000

€200,000

€150,000

Average house price by area, 2006-2017.

€700,000

Q12006

Q12007

Q12008

Q12009

Q12010

Q12011

Q12012

Q12013

Q12014

Q12015

Q12016

Q42017

Q12017

€750,000

How have house prices changed?


Three quarters sell within 4 months78% percent of Dublin properties find a buyer within

four months - up slightly from 76% a year ago.

Transaction volumes continue to riseThere were almost 4,700 transactions in Dublin

between July and September, up 13% on the same

period in 2016 and a new record for the third quarter.

Stock for sale risesThere were almost 3,500 properties for sale in Dublin in

December, roughly 25% higher than a year previously - the

largest year-on-year increase since late 2015.

Large rises in central DublinIn Dublin city centre, prices are 20% higher on average

than a year ago - almost twice the increase seen in the

most of the rest of the city. In South County Dublin,

values rose by only 6% in 2017.

LeinsterSecond quarter of falls



0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

Within 6 months

Within 4 months

Within 2 months

How fast are properties in Leinster selling?


LouthAverage price: €205,725Qtr-on-qtr change: -1.4%Year-on-year change: 11.5%Change from trough: 61.3%

MeathAverage price: €245,934Qtr-on-qtr change: -0.7%Year-on-year change: 9.2%Change from trough: 63.8%

KildareAverage price: €250,034Qtr-on-qtr change: -0.8%Year-on-year change: 9.0%Change from trough: 59.4%

WicklowAverage price: €313,866Qtr-on-qtr change: -0.7%Year-on-year change: 10.7%Change from trough: 54.4%

WexfordAverage price: €192,638Qtr-on-qtr change: -1.5%Year-on-year change: 9.1%Change from trough: 54.1%

LongfordAverage price: €128,671

Qtr-on-qtr change: -1.8%Year-on-year change: 19.5%Change from trough: 52.7%

WestmeathAverage price: €183,240Qtr-on-qtr change: 0.3%


OffalyAverage price: €169,809Qtr-on-qtr change: 0.3%


LaoisAverage price: €157,782

Qtr-on-qtr change: -1.8%Year-on-year change: 5.5%

Change from trough: 52.1%

KilkennyAverage price: €206,871



CarlowAverage price: €174,046Qtr-on-qtr change: -0.8%

Year-on-year change: 11.4%From trough: 48.7%

Dublin Commuter Counties West Leinster South-East Leinster

€400,000

€350,000

€300,000

€250,000

€200,000

€150,000

€100,000

€50,000


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Three in five sell within 2 months61% percent of Leinster properties find a buyer

within four months - up slightly from 59% a year ago.

Transaction volumes reach new highThere were almost 3,750 transactions in Leinser

(excluding Dublin) between July and September, up

15% on the same period in 2016.

Falls in nine countiesFor the second quarter in a row, prices fell in 9 of

11 counties - only Offaly and Westmeath saw (small)

prices increases in the final three months of 2017.

Stock on market continues to fallThere were fewer than 5,000 properties for sale in

Leinster in December, a 5% fall on the same date in

2016 and the 103 month in a row of falling availability.

MunsterPrices fall in final three months



0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

Within 6 months

Within 4 months

Within 2 months

How fast are properties in Munster selling?


TipperaryAverage prices: €159,515Qtr-on-qtr change: -2.9%Year-on-year change: 5.0%Change from trough: 25.4%

Limerick CityAverage prices: €176,952Qtr-on-qtr change: -0.5%Year-on-year change: 6.9%Change from trough: 49.0%

Waterford CountyAverage prices: €202,887Qtr-on-qtr change: -0.6%Year-on-year change: 6.9%Change from trough: 41.1%

Waterford CityAverage prices: €161,087Qtr-on-qtr change: 0.7%Year-on-year change: 8.6%Change from trough: 53.7%

ClareAverage prices: €164,589Qtr-on-qtr change: -1.9%


Limerick CountyAverage prices: €169,812Qtr-on-qtr change: 0.0%


KerryAverage prices: €178,584Qtr-on-qtr change: -1.2%


Cork CountyAverage prices: €207,211Qtr-on-qtr change: -1.1%


Cork CityAverage prices: €260,680Qtr-on-qtr change: 0.2%



Cork City Limerick City Waterford City Rest-of-Munster

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€400,000

€350,000

€300,000

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€150,000

€100,000

€50,000


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Half sell in 4 months50% of all properties in Munster find a buyer within

four months, up marginally from a year ago (49%).

Transaction volumes steadyThere were over 3,500 transactions in Munster in the

third quarter of 2017, up 5% on the same period in

2016.

6.5% rise during yearFollowing falls in most counties in the final three

months of the year, prices across Munster are 6.5%

higher than a year ago on average.

Stock on market still fallingThere were just over 7,000 properties on the market

in Munster in December, down almost 10% on the

same date a year previously.

Connacht/UlsterPrices fall in the region in the final three months of 2017



0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

Within 6 months

Within 4 months

Within 2 months

How fast are properties in Connacht/Ulster selling?


LeitrimAverage price: €120,244Qtr-on-qtr change: -3.4%Year-on-year change: 1.8%Change from trough: 40.0%

MonaghanAverage price: €164,238Qtr-on-qtr change: 0.3%Year-on-year change: 9.5%Change from trough: 43.9%

CavanAverage price: €143,520Qtr-on-qtr change: -2.4%Year-on-year change: 3.1%Change from trough: 39.7%

RoscommonAverage price: €129,191Qtr-on-qtr change: -3.1%Year-on-year change: 3.3%Change from trough: 41.0%

DonegalAverage price: €137,424

Qtr-on-qtr change: -3.6%Year-on-year change: -1.6%Change from trough: 20.9%

SligoAverage price: €130,944



MayoAverage price: €139,703



Galway CityAverage price: €273,232Qtr-on-qtr change: 0.5%


Galway CountyAverage price: €184,163Qtr-on-qtr change: -1.5%




Galway City Connacht Ulster

€50,000

€100,000

€150,000

€200,000

€250,000

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€400,000

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Fewer than half sell in 4 monthsSlightly less than half (46%) of all properties in

Connacht-Ulster find a buyer within four months,

down slightly on the same time a year ago (48%).

Fall in transaction volumesThere were just over 2,200 transactions in Connacht-

Ulster in the final quarter of 2017, up 6% on the same

period in 2016.

Stock for sale stabilisingThere were almost 5,800 properties on the market

in Connacht-Ulster in December, down 3.5% on the

same date a year previously.

Annual inflation down to 4%With a fall of 2.3% on average between September and

December, prices in Connacht-Ulster were on average just

4% higher than a year previously, the smallest increase in

the region in 3 years.

Over the last number of years, Daft.ie has collected a vast amount of data on the Irish property market. Each year tens of thousands of properties for sale or rent are advertised on the site.

About the ReportThe goal of the Daft Report is to use this information to help all actors in the property market make informed decisions about buying and selling. In addition, because it is freely available, the Daft Report can help inform the media, the general public and policymakers about the latest developments in the property market.

This is the Daft.ie House Price Report, the partner to the Daft.ie Rental Report, which will be issuednext month. Together, they give house-hunters and investors more information to help them make their decisions. These twin reports mean that Daft is the only objective monitor of trends in both rental and sales markets on a quarterly basis, making the report an essential barometer for anyone with an interest in the Irish property market.

The Daft Report was first launched in 2005. It has already become the definitive barometer of the Irish rental market and is being used by the Central Bank, mortgage institutions, financial analysts and the general public alike. The Daft.ie House Price report is Ireland’s longest-running house price report, combining information from the Daft.ie archives with data from Ireland’s Residential Property Price Register.

Methodology and Sample SizeThe statistics are based on properties advertised on Daft.ie for a given period. The regressions used are hedonic price regressions, accounting for all available and measurable attributes of properties, with a Cooks Distance filter for outliers.

The average monthly sample size for sale properties is 5,000. Indices are based on standard methods, holding the mix of characteristics constant.

About Daft.ieDaft.ie is Ireland’s largest propertywebsite with over 2.5 million unique visitors generating over 228 million page impressions each month.

DisclaimerThe Daft.ie Report is prepared from information that we believe is collated with care, but we do not make any statement as to its accuracy or completeness. We reserve the right to vary our methodology and to edit or discontinue the indices, snapshots or analysis at any time for regulatory or other reasons. Persons seeking to place reliance on any information contained in this report for their own or third party commercial purposes do so at their own risk.

CreditsEconomic Analysis: Ronan LyonsMarketing and Communications: Martin ClancyLayout and Design: William Tector


Coming next:

The Daft.ie Rental Report ,2017 in Review.

The Daft.ie Rental Report will be published in February and will include a review of the performanceof Ireland’s rental market, plus all the usual indices, snapshots,trends and rental yield analysis, providing analysts, tenants, landlords, studentsand the public with the most up-to-date information on Ireland’s rental market.

All data is Copyright © Daft Media Limited. The information contained in this report may onlybe reproduced if the source is clearly credited. Please contact [email protected] for further information.

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