Monday 16 December 2019

More than €10bn in residential sales recorded

Property Price Register accounts for 45,277 transactions in 2015, up just 1,962 on previous year, finds Paul Melia

More than €10bn in property exchanged hands in Ireland last year.
More than €10bn in property exchanged hands in Ireland last year.

A SHORTAGE of new homes coming onto the market has resulted in just a 5pc increase in the number of properties trading hands over the past year.

Despite pent-up demand in the market as our economic recovery continues, an analysis of the property price register shows that some 45,277 homes were sold in 2015, up just 1,962 on 2014.

The figures include both new and second-hand properties, and block sales where a number of units were sold in one transaction.

It shows that just over €10bn worth of residential property traded hands last year, up just over €700m on the previous year.

The register also shows that some 523 transactions totalling €1m or more were completed over the course of 2015. This compares with 512 in 2014.

The most valuable transaction involved the sale of the Elysian Tower on Cork's Eglington Street, which sold for €52m on October 29 last.

It is followed by the purchase of the Heuston South Quarter development on St John's Road West in Dublin in June for €35m, and the sale of apartments at Numbers 1-80 at Dundrum View, in Dundrum, Co Dublin, the same month for €28m.

The figures show a pronounced increase in the number of counties where transactions are falling. Comparing 2013 and 2014, sales fell year-on-year in just two counties - Roscommon and Leitrim.

The figures for 2014 and 2015 tell a different story, with the analysis showing that the number of sales dropped across six - Cavan, Sligo, Laois, Westmeath, Meath and Wicklow.

There was no discernible change in Longford (up three to 445) or Louth (down three to 1,180), and only a slight increase of 2.5pc was noted in Dublin, where demand is highest.

Unlike in previous years, the increases across the best-performing counties are less pronounced.

In 2013/2014, there were increases of more than 50pc in three counties - Mayo, Westmeath and Limerick.

Comparing 2015 and 2014, the highest increase was recorded in Tipperary, where 1,153 transactions were completed, a rise of 21pc.

Our main urban areas continue to fuel the market, with almost one in three transactions occurring in Dublin. Some 14,477 took place last year, from a total of 45,277 nationally. Cork ranks in second with 4,949 (up 7pc), followed by Galway (2,587, up 8pc) and Kildare (2,123, up 15pc).

At the lower end of the scale, just 324 transactions took place in Monaghan, followed by Leitrim (421) and Longford (445).

The most valuable private home sold was previously owned by businessman Tony O'Reilly. Castlemartin House in Kilcullen, Co Kildare was sold in January for €26.5m, well in excess of the €10m paid for the next placed property, Sorrento House in Dalkey, which changed hands in August.

At the lower end of the scale, 23 homes at the Greenfields development in Lanesboro, Co Roscommon, were sold for €5,179 each on May 22.

The estate is currently listed by the Department of the Environment as an unfinished development.

The property price register, established in September 2012, is aimed at bringing transparency to the property market which was beset with allegations of misleading prices being advertised and buyers being gazumped just as sales were about to close.

The register records the date on which the property transaction occurred; however, there can be a time lag between the date of sale and the date on which the information is forwarded to the Revenue Commissioners.

This has resulted in figures for 2014 changing as homes are added to the system, which are reflected here. The register shows that the number of transactions completed each year since 2011 is steadily rising, with the biggest jump in 2014.

In 2011, some 18,362 transactions valued at €3.95bn were completed. This rose to 25,255 in 2012, valued at €4.89bn; to 29,908 in 2013 valued at €6.1bn and to 43,315 in 2014, valued at €9.3bn

Last year some 45,277 transactions were completed, valued at just over €10bn.

Irish Independent

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