At the beginning of 2014 the market opened with restricted supply and high buyer demand resulting in higher price inflation in the first half of the year.
The second half saw an increase in supply and a levelling of prices with overall growth for the year at approximately 16pc, according to Wade Wise, of Beirne & Wise.
The usual hotspots of Blackrock, Monkstown, Mount Merrion, Sandycove, Dalkey, Glenageary and Killiney are all desirable mature neighbourhoods, which saw prices in some instances increase by over 20pc during the year.
Cash buyers were very active with 38pc of the book being sold in this category.
|Dublin South County|
|2 Up/2 Down,||€290,000||€335,000||€365,000|
|"Detached 2,000+ sq ft",||€950,000||€1,100||€1,199|
|"Large Period Detached, own grounds",||€1,500||€1,750||€1,908|
Regarding capital gains tax, a number of investors had already decided to buy in 2014, however November saw higher numbers of investors viewing/buying in the apartment market in order to meet the deadline.
In the mid-range price bracket there were instances of multiple parties bidding for a limited supply of family homes, lifting prices achieved over asking prices particularly in the first six months, with the second half of the year experiencing an increase in supply and an easing of values achieved.
Apartments and buy-to-let properties experienced an upturn in demand in the last quarter of the year, fuelled by the incentivised relief on CGT introduced in 2011 coming to end.
South County Dublin benefits from the top end of the market with many trophy properties much sought after.
Last year was no different with a continued increase in activity. Wise saw a number of homes selling above the €2m threshold, an example being 5 Longford Terrace, Monkstown, which went for €2.2m.
Wade considers 2015 to be a more challenging year to predict with lack of clarity surrounding the Central Bank's intention to implement their proposal of restricting mortgage lending by limiting loan to value, and loan to income ratios.
"That said, the main issue is still inadequate supply of housing and in this environment we still expect an upward pressure on house prices, although not at the same rate as 2014. We would expect moderate growth around 8/10pc," says Wise.