The number of properties sold in the Republic last year fell, despite clear demand for additional housing reflected in rising prices and Government measures to help first-time buyers.
Latest analysis of the Residential Property Price Register shows a 3.5 per cent fall in the number of house transactions in 2016, to 47,175, with the cause attributed to a dire shortage of houses available for sale.
Research carried out by property website myhome.ie found that despite the overall fall in residential property sales, the total value of house sales rose in 2016 by 7.4 per cent to more than €11.5 billion.
The volume of sales were consistently down in counties Dublin (-2.4 per cent), Cork (-1.3 per cent), Galway (-12.7 per cent), Kildare (-3 per cent) and Limerick (-9.4 per cent), while increases were noted in counties Sligo (+12 per cent), Waterford (+11 per cent) and Laois (+5.7per cent).
Dublin properties
The capital continues its dominance of the property market with Dublin accounting for 32 per cent of all transactions logged on the property price register last year. Cork recorded the second highest number of sales with 11 per cent of all transactions.
Fifteen thousand properties were registered sold in Co Dublin, marking a 2.4 per cent fall on the number of sales in 2015. However, the total value of these transactions increased significantly by 13 per cent, to almost €6 billion. In value terms, Dublin now accounts for more than half the value of all Irish property sales.
Myhome.ie managing director Angela Keegan said: "We have approximately two million properties in Ireland, and in a normal market around 4 per cent or 80,000 of these would be changing hands each year. As this analysis shows we are a long way short of that."
Biggest transaction
“At the moment there are 18,900 residential properties for sale on myhome.ie, this is 12 per cent down on this time last year when there were 21,410 properties for sale. Clearly it is going to take some time for the property market to return to equilibrium,” Ms Keegan said.
The single biggest transaction recorded in 2016 was the sale of the Lyons Estate, former home of Ryanair and GPA founder Tony Ryan, for €12 million.
Because the property price register only reflects the sale of the property itself on its immediate grounds, the total sum paid was actually closer to €18 million when the 600 acres on which the Georgian mansion stands are factored in.
At the other end of the scale the cheapest houses sold in the State last year were at at Newtown Clogher Claremorris, Co Mayo which sold for €5,260 and a property at Clonroche in Enniscorthy Co. Wexford for €5,500.
