The majority of buyers of property group Owen Reilly’s €1m plus period homes require no mortgage funding whatsoever, according to the estate agent.
In a special report on one of the most exclusive segments of the city’s residential property market, the company indicated that an overwhelming majority of its houses (86 per cent) were being sold to Irish people “with limited demand from international buyers”; while 60 per cent of purchasers required no mortgage funding.
The average selling price for its period properties in Dublin was just over €1 million, it said.
Dublin 4, which includes Ballsbridge, Donnybrook and Sandymount, had the highest average selling price at €1.8 million while Dublin 6, which includes Ranelagh and Rathmines, had the highest selling price per square foot at €683.
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Increasing borrowing costs have triggered a rapid cool-down in real estate markets across the world and a price correction in the some of the more over-priced markets.
Owen Reilly, who heads up the Dublin-based estate agency, said it was still experiencing “very strong demand” for period properties. The company’s report, which focused on properties located in Dublin 2, 4, 6 and 8 where most period properties are located, indicated that average selling prices – so far this year – were 4.1 per cent above asking prices while average selling times were 6.3 weeks. The average age of buyers was 44.
“Despite a general consensus that the Dublin property market has cooled due to increased supply and rising interest rates, October was another very active month with strong demand from motivated buyers,” Owen Reilly said in a report last month while noting that its average selling prices were 8.5 per cent above average asking prices compared to 4.7 per cent in September.
[ House price inflation slows again as higher borrowing costs cool marketOpens in new window ]
House price inflation nationally slowed to 12 per cent in August down from 13 per cent the previous month, while growth in Dublin fell to 9.7 per cent, extending a pattern of deceleration seen in recent months, according to the latest Central Statistics Office (CSO) figures.
A report on Monday by UK property website Rightmove pointed to a slowdown in buyer demand in the UK market on the back of rising mortgage costs. Rightmove’s monthly house price index showed first-time buyers, traditionally the strongest part of the market, were the most hesitant, with demand down 26 per cent in October.
* This article was amended to clarify that the houses referred to were ones on the books of Owen Reilly estate agents.
