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      in Residential

      Housing market resilient in face of Covid-19

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      Asking price inflation up 1.2% nationally in August compared with Q2 2019
      Dublin inflation up by 0.3%; rest of country up by 1.5%
      Strong quarterly inflation recorded
      Demand likely a combination of high interest from those with mortgage approval and shortage of stock
      Annual house price inflation has risen by over 1% despite the impact of Covid-19, according to analysis from leading property website MyHome.ie and Davy.
      Key findings:
      Region
      Mix-adjusted asking price
      Annual % change (Q2 2019 – > August 2020)
      Quarterly % change (Q2 2020 – > August 2020
      National
      €280,000
      +1.2%
      +4.3%
      Dublin
      €383,000
      +0.3%
      +2.9%
      Ex-Dublin
      €234,000
      +1.5%
      +4.7%
      Asking price inflation rose by 1.2% nationally compared with Q2 2019, by 0.3% in Dublin, and by 1.5% elsewhere around the country.
      The rise in quarterly asking price inflation has been even more pronounced – by 4.3% nationally, 2.9% in Dublin and 4.7% elsewhere around the country.
      This means the mix-adjusted asking price for new sales nationally is €280,000, while the price in Dublin is €383,000 and elsewhere around the country it is €234,000. Newly listed properties are seen as the most reliable indicator of future price movements.
      Conall MacCoille, Chief Economist at Davy, said: “The MyHome data shows pricing has held up during the summer months; the negative 3% inflation rate seen in Q2 2020 now seems an aberration, driven by the small numbers of vendors prepared to put their homes on the market during the exceptionally uncertain period of the lockdown. Looking ahead we think prices will be broadly flat in 2020, or see marginal declines, but the impact of Covid-19 on the housing market could have a longer, slow burn impact than many appreciate.”
      Angela Keegan, Managing Director of MyHome.ie, said the increase in asking prices was likely a combination of people who already have mortgage approval moving to secure properties, and a shortage of stock. “One of the many negative effects of Covid-19 has been the decrease in construction output, which has had significant ramifications for the property market. Anecdotally we are also seeing people who have mortgage approval acting fast to secure properties and this, added to the fact that stock levels are low, is driving asking prices upwards.” More

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      in Residential

      Residential property prices increase by 0.3% nationally in the year to May

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      Residential property prices increased by 0.3% nationally in the year to May, according to the latest figures from the Central Statistics Office.
      This compares with an increase of 0.7% in the year to April and an increase of 2.6% in the twelve months to May 2019.
      In Dublin, residential property prices showed no change in the year to May – house prices increased by 0.2% and apartments increased by 0.9%. The highest house price growth in Dublin was in Fingal at 2.2%, while South Dublin saw a decline of 1.3%.
      Residential property prices in Ireland excluding Dublin were 0.7% higher in the year to May, with house prices up by 1.0% and apartments down by 1.5%. The region outside of Dublin that saw the largest rise in house prices was the South-West at 4.3% – at the other end of the scale, the South-East saw a 0.8% decline.
      Overall, the national index is 18.1% lower than its highest level in 2007. Dublin residential property prices are 22.4% lower than their February 2007 peak, while residential property prices in the Rest of Ireland are 21.1% lower than their May 2007 peak.
      Property prices nationally have increased by 82.7% from their trough in early 2013. Dublin residential property prices have risen 92.1% from their February 2012 low, whilst residential property prices in the Rest of Ireland are 81.6% higher than at the trough, which was in May 2013. More

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      in Residential

      Private island off Cork coast sells for over €5.5 million

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      A luxurious private island off the west coast of Cork has been sold for over €5.5m to an anonymous European buyer, following months of negotiations during the Covid-19 lockdown.
      The purchase of off-market Horse Island, located off the coast of Schull in West Cork, has been facilitated by Mayfair-based real estate broker Montague Real Estate, who were first instructed to source the buyer a suitable island in December 2019.
      With the Covid-19 lockdown placing restrictions on meetings and travel, negotiations were undertaken between Montague Property and their client primarily over WhatsApp; a further stumbling block was that the client does not speak English.
      The 157-acre island boasts a natural, rugged landscape including three sandy beaches populated by seals, farming pastures and extensive natural wildlife.
      Seven luxury properties occupy the island, including a six-bedroom main house, two three-bedroom guest houses, two two-bedroom guest houses and two one-bedroom cottages. All the properties have views over the Atlantic and Roaring Water Bay, where guests can swim and scuba dive amongst dolphins.
      As well as six bedrooms, the Main House on Horse Island offers over 4,500 square feet of floor area, including double height ceilings, a guest wing, extra large panoramic windows, a roof terrace and Al Fresco courtyard. Amenities found at the other six guest properties include saunas, stoves, en-suite bathrooms and private gardens.
      Further luxury amenities found on Horse Island include a private pier for mooring ferries and private boats, a helipad, a games and gym house, a tennis court and a shipwreck play house. Entirely self-contained, the island also has its own electricity, water and sewage systems, as well as private roads providing access to all areas of the island.

      Horse Island boasts a rich history, having been home to a thriving copper industry between 1820 and 1874. In 1841, the population of the island peaked at 137 people, most of whom were employed in the mines. By 1965, all the inhabitants had left; some of the ruins of the old village and mangers’ houses can still be found on the island.
      Montague Real Estate facilitated the purchase of the property by sourcing a range of suitable islands that met their client’s criteria, instructing the legal teams required to complete the deal, providing comprehensive tax advice and undertaking all the relevant negotiations between buyer and seller.
      A number of other parties were also involved in the sale including Alex Robinson, from Knight Frank’s Private Office who brokered the deal, Ron Krueger of Engel & Völkers and selling agent Callum Baines of Colliers International.
      Thomas Balashev, Founder and CEO, Montague Real Estate said: “Horse Island is a unique trophy asset; sourcing the land off-market and getting the sale over the line during Covid-19 has been a challenge, so naturally we are delighted with this result.
      “We work on trust, not retainers, and will always be willing to go the extra mile to meet our clients’ bespoke needs. We look forward to working on more projects of this scale in the future.”
      Alex Robinson, Knight Frank’s Private Office said: “The sale of Horse Island is a great example of some significant deals that have taken place during lockdown and we are thrilled to have been part of it.
      “It highlights a trend that is becoming more apparent as the impact of Covid-19 is felt and people look to purchase property or land in remote locations.” More

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      in Commercial

      MyHome.ie Webinar – A chat with Davy chief economist Conall Mac Coille

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      We’re delighted to bring you the 10th MyHome.ie Webinar today.
      In this week’s episode, we chat to author of the MyHome.ie Property Report Conall Mac Coille, chief economist with Davy.
      Conall outlines what the report is telling us and discusses the various challenges the market will have as it looks to rebound out of lockdown.
      Check it out below…
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