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News : Property Last Updated: Feb 21, 2014 - 4:51 AM

Dublin house sales at 10,000 in 2013; 246 sales at €1m+; Lowest at €6k
By Michael Hennigan, Finfacts founder and editor
Feb 20, 2014 - 4:31 AM

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The rear view of Walford, Shrewsbury Road, Ballsbridge, Dublin, the former home of Seán Dunne, the bankrupt developer, sold in March 2013 for €14m. Dunne is believed to have paid €58m in 2005 for the 1902 building.

A new study based on an analysis of the Property Price Register shows that the number and value of transactions in Dublin rose substantially during 2013. The study reveals that the number of house sales in the capital last year rose to 10,000, an increase of 17% on 2012. There were 246 sales in Dublin for €1m or more. Meanwhile the lowest price achieved was €6,000 in respect of a house in Marino

The study says Dublin clearly dominates the market as it accounts for over a third of the 29,200 houses sold in the country last year. However house sales outside Dublin are also up 17%, driven in the main by increased sales in Cork, Limerick and Galway.

The research, which was carried out by MyHome.ie, the property website operation, also found that €3.6bn was spent on property transactions in the capital last year. This was 34% more than was spent in 2012.

The most popular areas to buy property were Dublin 15 (697), Dublin 14 (649), Dublin 16 (605), Dublin 18 (522) and Dublin 6 (512).

The biggest one off residential sale in 2013 was that of Walford, Shrewsbury Road in March for €14m. In total there were 246 sales in the capital last year for €1m or more. At the other end of the scale the cheapest property was number 15 St Aidan’s Park in Marino Dublin 3 which sold for €6,000 in June. A large number of properties in the Phoenix Park Racecourse development sold for €8,000.

Dublin 10, which covers Ballyfermot and Cherry Orchard , was the only postcode to show a fall in the level of transactions, down 5% compared with 2012. However the level of transactions was virtually unchanged in Dublin 14, Dublin 20 and Dublin 5.

Angela Keegan, managing director, MyHome.ie, said it was clear the property market turned a corner in 2013 it was very clear that the market needs a much higher level of transactions.

“While the increase in the level of transactions is most welcome in Dublin and nationally the current number of sales transactions represents just 1% of our housing stock. The comparable figure in the UK is 4%. So we are still clearly in the early stages of recovery” Keegan said.

She also expressed concern about the supply shortages in some parts of Dublin which is clearly driving prices.

“Right now there are less than 3,000 properties available for sale in Dublin. This compares to 6,000 this time two years ago. To maintain affordability and meet growing demands the Government needs to move quickly to ensure an adequate supply of properties is available across the city. Priority needs to be given to obtaining planning permission for sites where there is a market demand for homes” Ms Keegan said.

The top 10 localities to buy properties last year were: Castleknock (304), Lucan (297), Rathfarnham (249), Tallaght (228), Finglas (225), Swords (212), Blackrock (209), Dun Laoghaire (187) and Clondalkin (175).

Maps of Dublin by postcode with increase/decrease of transactions and increase/decrease of transaction values in 2013 along with key info graphics are available here.

Check out our  subscription service, Finfacts Premium , at a low annual charge of €25

Frank McDonald of The Irish Times gives a tour of Ireland's most expensive house, Walford, on Shrewsbury Road, Dublin.

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