Market Analysis - Ireland - July 2020

Market Report provided by

This third monthly Report, covering both sale and rental segments, has a number of interesting findings that further our understanding of how the Covid-19 pandemic has affected Ireland’s housing market. Sale prices rose by 2.3% on average between June and July, a sharp monthly rise and the second in three months, following a 5.3% dip in April. This rise is not spread evenly around the country, however. Dublin and the rest of Leinster have seen the strongest price gains – 2.7% and 3.4% respectively in July – while elsewhere in the country prices rose by close to 1% in the same month. Taking stock of trends since March, average prices are now higher than their March level in both Dublin and Leinster – but still lower elsewhere. In Connacht-Ulster, prices are 4% below their March level. This is at odds with the emerging narrative that Covid-19 is allowing people to move away from urban centres, because of the ability to work from home. It remains to be seen if such a shift in preferences in the housing market does take place but it is also worth remembering that urban centres offer not only employment opportunities but other benefits, including retail, leisure and other amenities, which people value.