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According to the Irish property portal Daft.ie, there has been a significant increase in nationwide demand for homes, with a rise of 17% compared to the previous year. The demand for New Homes specifically has experienced an astonishing surge of 114% nationally when comparing May 2023 to the same period in 2022. In Dublin, the demand has increased by 34% compared to the previous year, which is twice the growth rate observed nationally. Moreover, there has been a tremendous 99% increase in the demand for New Homes in Dublin.
Among the twenty-six counties examined by Daft.ie, eighteen have witnessed a rise in demand compared to the same time last year. Similar to Dublin’s growth rate, demand in Meath has increased by 29%. Limerick and Offaly have both experienced a 26% increase in demand, while housing demand in Louth is 25% higher than it was a year ago
The demand for homes in the price range of €400k - €600k experienced the highest growth, with an increase of 38%. Within this range, there was a remarkable surge in demand for new homes priced between €400k - €500k, which witnessed a staggering rise of 1783%. This significant increase can be attributed to the eligibility criteria of the help-to-buy scheme, which requires the property’s purchase value to be €500k or less. Interestingly, there was also a notable growth of 20% (251% for New Homes) in the demand for homes listed between €600k - €800k compared to the same period last year. Additionally, homes priced over €800k saw a modest increase in demand by 2%, while new homes in this price range experienced a year-on-year rise of 160%.
Furthermore, there was an increase in demand for homes across different regions. Leinster witnessed a rise of 26%, Connacht-Ulster saw an increase of 15%, and Munster experienced a 6% growth. When comparing these demand increases with the demand for the demand for homes in the specified price range increased by a remarkable 160% compared to the previous year.
Furthermore, there was an increase in demand for homes across different regions. Leinster witnessed a rise of 26%, Connacht-Ulster saw an increase of 15%, and Munster experienced a 6% growth. When we specifically examine the demand for new homes within these provinces, Connacht-Ulster observed the highest growth in demand, with a significant increase of 110%. This was followed by Leinster at 75% and Munster at 69% in terms of the surge in demand for new homes.
Demand in three out of the four cities located outside Dublin also experienced a notable increase compared to the previous year. Limerick saw a heightened level of demand with a 26% increase, followed by Cork at 13% and Galway at 9%. A similar trend was observed in the demand for new homes in these three cities, with Galway showing the highest demand nationwide at 160%. Limerick and Cork also witnessed significant increases in demand for new homes, with Cork experiencing an 88% rise and Limerick at 84% compared to the same period last year.
In the most recent press release from Daft.ie, the largest property website in Ireland, it is evident that the demand for homes across the country has increased compared to the previous year. However, it is important to note that this press release does not address the supply side of the equation. Unfortunately, over the past 12 months, the supply of homes in the sales market in Ireland has been insufficient to meet the growing demand. The housing market in Ireland is facing a critical shortage of supply, and there is an urgent need for increased housing supply in the coming years and even decades.
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