Sherry FitzGerald, Ireland's largest estate agent, today announced a 7.2% increase in the average value of second-hand homes nationwide in 2024, up from 3.8% in 2023.
In Dublin, values grew by 7.1% annually, with a 1.1% increase in the final quarter alone—more than double the growth recorded in the previous year. Outside Dublin, price inflation reached 7.3% for the year, with standout growth in the Mid-West and Midlands regions at 9.9% and 9.7%, respectively.
Marian Finnegan, Managing Director of Sherry FitzGerald, attributed the rise to ongoing supply shortages, stating, “These figures highlight significant growth across urban and rural areas, driven by persistent supply-side challenges. We anticipate further price inflation of 8-10% in 2025 unless these issues are addressed.”
The first nine months of 2024 saw approximately 33,700 housing transactions by household buyers, a 6% decline compared to the same period in 2023. This decrease was led by an 8% drop in second-hand home sales, partially offset by a 5% rise in new home transactions.
Investor activity continues to diminish, with just 11% of Sherry FitzGerald’s second-hand sales in 2024 involving investor buyers, while 33% of vendors were investors exiting the market. Commenting Ms Finnegan emphasised; “There is the urgent need for targeted government measures, noting that rental caps and unfavourable tax treatment have driven landlords out of the sector for well over a decade.”
Housing supply remains under significant pressure. From January to September 2024, only 21,650 residential units were completed, a 3.1% decline compared to the same period in 2023. Sherry FitzGerald Research estimates that 62,000 homes are required to meet annual demand in the short term, but completions are expected to meet only half of this need.
Looking ahead, housing commencements through November 2024 totalled 54,575 units, an 84% increase from the prior year. This surge aligns with the expiration of the development levy waiver and water charge rebate, positioning the housing pipeline for stronger delivery in 2025 and 2026.
Ms Finnegan underscored the critical role of government in addressing Ireland’s housing crisis: “The formation of a new government must prioritise housing at the top of its agenda. Extending the Help-to-Buy scheme and attracting private equity to Ireland are essential to tackling the emergency. Additionally, retaining landlords in the rental market is vital to stabilising rents and ensuring affordability.”
Sherry FitzGerald calls for increased collaboration between public and private sectors to deliver housing solutions that address the needs of all tenures across the country.
ENDS
For any further information, please contact:
Jill O’Neill
PR Director
Sherry FitzGerald Group
Ph. 01 237 6500 / 086 252 3277
Marian Finnegan
Managing Director
Sherry FitzGerald Residential & Advisory
Ph: 086 814 8251
