The Irish real estate market has been on an upward trend for more than a decade – a result of the country’s stable economy and favorable business environment. In 2023, Ireland was
, a position confirmed by its flourishing business ecosystem including multinational giants such as Google, Meta, and Microsoft. Ireland’s rise as an economic powerhouse has had its effect on the residential and commercial property markets. A decade of strong growth has also led to
. However, the growth of house prices has recently started to slow and when accounting for inflation,
. While homeownership is common in Ireland and
, renting is also a popular option.
The Irish rental market
The concentration of economic activity and employment opportunities in Dublin and the commuter areas have also contributed to a growing residential rental market with rents rising even faster than house prices. The National Rent Index for residential property hit almost 236 index points in July 2023 –
an increase of nearly 136 percent since the baseline year, 2012. Rents are
especially high in and around Dublin. That includes commuting counties, such as Wicklow, Kildare, Meath, and Louth. Consequently, rental housing in Dublin, and
especially the central areas, has lower investment yield. Yield is a measure of profitability, and lower yields usually show a higher investor confidence because of lower risk. Other cities, such as Limerick and Waterford,
experience higher yields, due to lower investor confidence.
Focus on the office real estate market
Though Ireland has a relatively small commercial real estate market compared to other European countries, i
nvestment activity doubled between 2020 and 2022. In 2022, the Irish commercial real estate investment market was worth 3.9 billion euros. Offices are one of the major types of commercial real estate. In 2022, the total office floor area transacted in Dublin, including sales and lettings, amounted to 248,000 square meters –
slightly lower than in Lisbon and Brussels, but higher than Amsterdam. Similarly to other markets, the office real estate sector in Dublin has suffered an
increasing vacancy rate – a sign of oversupply relative to demand following the adoption of hybrid work. Though prime rents (the top market rents, usually for newly built, modern, and sustainable offices) have grown since 2019,
the increase has been modest.
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