A new analysis of the Property Price Register by MyHome.ie for Q1 of 2017 has revealed a 5% increase in sales nationwide. The largest jump in sales was by 35.4% in Cavan, closely followed by a 35% rise in Clare.
Sales were up by 5.7% in Dublin and increased significantly in the surrounding counties, rising by 17.3%, 25.5%, 32.3% and 8.3% in Wicklow, Kildare, Meath and Louth, respectively.
MyHome.ie puts the large rises in the commuter belt down to the lack of properties in Dublin. Angela Keegan, Managing Director of the website, said: “We’re all aware of the shortage of properties in Dublin and the resulting higher prices, so it’s clear buyers have decided – or have been forced – to opt for more affordable properties in neighbouring counties.
“While often the properties outside Dublin are bigger and newer the downside is the commute”.
She said the figures show that the Irish property market is facing more splits than the traditional capital/country divide: “Sales in Donegal are down 21%, in Sligo it’s 8% and in Mayo it’s 17%. Further south they are down 16% in Limerick and 8% in Kerry. Interestingly, Clare is up 35%, while Galway is up 9% and Westmeath is up 30%.
“These figures show that the Irish property market is no longer just Dublin and the rest of the country, but has fragmented into a number of micro markets, which move in response to a variety of local and national factors”.