Outlook

8 LISNEY | REVIEW 2015 & OUTLOOK 2016 DUBLIN RESIDENTIAL SALES
BELOW:
20 Farney Park
Sandymount, Dublin 4
¤950,000
LEFT:
Elstow
25 Knapton Road
Monkstown ¤1.6m
BELOW:
Phoenix Hill
Islandbridge, Dublin 8
¤760,000
CASH PURCHASER V MORTGAGE PURCHASE (NATIONWIDE)
Mortgage Purchase Cash Purchase
Q1 - Q3 2015
56% 44%
2014
50% 50%
2013
47% 53%
2012
57% 43%
2011
61% 39%
2010
88%
80%
70%
60%
50%
40%
30%
20%
10%
0%
90%
12%
100%
From our experience, the percentage
of cash purchasers in Dublin is
generally less than the national figure.
Surprisingly, we have found that most
of our cash sales are for houses at
prices greater than ¤1m. This upperend
of the market is made up of a
relatively small cohort of potential
purchasers. Their demand was strong
for prime properties and when such
a property came to the market, there
was often multiple bidders competing.
Interestingly, new mortgages increased
by 30% in the first three quarters of the
year compared to the same period of
2014. However, the vast majority of these
were likely to have been approved prior
to the introduction of the new rules.
In terms of new construction, only about
2,850 units were built in Dublin in the
year. This is 13% fewer than that of the
previous year and almost 65% below
the long-term (45-year) average. The
lack of building is a very hot topic and
it is very unfortunate given the demand
that is present. Ideally, at least 7,000
residential units per annum are required.
With second-hand supply, the number
of properties for sale increased on
a monthly basis over the first six
months of 2015, going from about
3,700 properties to 5,400. However,
over the second half of the year,
the numbers started to fall again
and at the end of December was
back to approximately 3,700.
Source: Property Services Regulatory Authority, Banking &
Payments Federation Ireland, Lisney
BPFI/PWC MORTGAGE MARKET PROFILE
NUMBER OF RESIDENTIAL MORTGAGE LOANS
Top-up
Re-mortgage
Residential Investment Letting
Mover Purchaser
First-time Buyer Purchaser
30,000
25,000
20,000
15,000
10,000
5,000
0
2010
2011
Source: Banking & Payments
Federation Ireland, PWC
2012
2013
2014
Q1 - Q3 2015