Sales of houses in Dublin dropped by 2.9% in the first half of 2019 but sales in nearby commuter counties have increased.
A new study based on an analysis of residential property sales recorded in the Property Price Register over the first six months of the year shows that the number of sales nationally increased by 1.2% in the first half of 2019, compared to the same period last year.
Dublin is responsible for around a third of the property market with 8,051 sales – a decrease of 2.9% on the 8,292 sales recorded for the same period last year.
The capital was followed by Cork with 2,828 sales, Kildare with 1,447, Galway with 1,187, Meath with 1,130 and Wexford with 898 making up the top six.
Angela Keegan, Managing Director of MyHome.ie, said that the rise in activity in commuter counties reflected the significant demand for homes around Dublin.
She said: “The rise in activity in the commuter counties emphasises the relative affordability of good properties in these areas, particularly in the context of the Central Bank’s mortgage lending rules of three and a half times’ the buyer’s income.
"This has been complemented by a major boost in new home building in these counties, which has been beneficial for first-time buyers and indeed the property market as a whole, offering supply where it is much needed.”
The study shows there were 25,192 sales nationally in the first half of the year - up from 24,882 in same period last year.
In total the value of residential property sales recorded during the period was €7.209 billion.
