Real estate market in Ireland - statistics & facts

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 among the top ranking countries in the Index of Economic Freedom, 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 house prices nearly doubling. However, the growth of house prices has recently started to slow and when accounting for inflation, the second quarter of 2023 saw the market contract. While homeownership is common in Ireland and the predominant share of households owns the home they live in, 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, investment 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.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Published by Statista Research Department, Feb 29, 2024

Key insights

Homeownership rate
70%
New housing units completed per 1,000 inhabitants
7
Commercial real estate investment
3.9bn EUR
Get more insights

Editor’s Picks Current statistics on this topic

Homeownership rate in selected European countries in 2022, by country

Residential Real Estate

Homeownership rate in Europe 2022, by country

Average monthly rental cost of a furnished one-bedroom apartment in select European cities in 3rd quarter 2023 (in euros)

Apartments

Average rental cost of apartments in European cities 2022, by city

Average sales price of new and existing residential property in Europe in 2022, per country (in euros per square meter)

Residential Real Estate

Average residential real estate square meter prices in Europe 2022, by country

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