Introduction: a pivotal month for Dublin housing
August 2024 has proven to be a defining month for the Dublin property market. With housing remaining the central topic in Irish news and daily conversation, buyers, sellers, and investors are all watching closely as new developments, shifting interest rates, and evolving government policies shape the landscape. In this comprehensive update, Coyne Solicitors brings you the latest trends, expert insights, and practical advice to help you navigate the market with confidence.
The state of the market: demand, supply, and sentiment
The Dublin property market continues to be characterised by strong demand and limited supply. Despite government efforts to boost construction, the number of new homes coming to market still falls short of what’s needed to meet the needs of a growing population. This imbalance has kept prices elevated, particularly in popular areas such as Lucan, Clonsilla, and the city’s expanding suburbs.
However, there are signs of change. Recent data shows a slight increase in new listings compared to last year, and some analysts predict a more balanced market as we move into the autumn. While significant price drops are unlikely, the pace of price growth may slow, giving buyers a little more negotiating power than in previous years.
New launches: Tandy’s Lane and Luttrellstown Gate
One of the most anticipated events this month is the launch of new phases at Tandy’s Lane in Lucan and the debut of Luttrellstown Gate in Clonsilla. These developments are seen as bellwethers for the wider Dublin market. Early sales figures, buyer demographics, and pricing strategies here will set the tone for the rest of 2024.
If you’re considering buying, these launches are a must-watch. They attract significant interest from both first-time buyers and investors, and the incentives offered by developers can make a real difference to your budget. Attend open days, ask questions, and compare what’s on offer before making a decision.
Interest rates: relief on the horizon
After several years of rising interest rates, there is finally some good news for buyers. The European Central Bank has signalled a more dovish stance, and Irish lenders are expected to follow suit. Lower rates mean more affordable monthly repayments, which could unlock the market for many who have been waiting on the sidelines. For example, a 0.5% drop in rates on a €350,000 mortgage could save buyers over €80 per month—money that can make a real difference in household budgets.
Government policy: what’s changing?
Policy remains a key factor in the Irish property market. With a general election on the horizon, there is speculation that key buyer supports like the First Home Scheme (FHS) and Help to Buy (HTB) could be reformed or even phased out. Many buyers are moving quickly to secure these incentives while they last. Meanwhile, industry groups are lobbying for a reduction in VAT on new homes (currently 13.5%). Even a modest cut to 9% could reduce the price of a €380,000 home by over €17,000, making homeownership more accessible for many families.
Buyer psychology: confidence and caution
In any property market, psychology plays a huge role. When buyers feel confident—about their jobs, the economy, and their ability to secure a mortgage—they are more likely to act. The prospect of lower interest rates and continued government support is boosting confidence this month. However, uncertainty about future policy changes means that many are keen to buy sooner rather than later. If you’re on the fence, consider your long-term needs and don’t let short-term headlines drive your decision.
Practical steps for buyers: how to succeed in August 2024
- Get mortgage approval early: With competition still strong, having approval in principle gives you a crucial edge.
- Research new developments: Attend launches, ask questions, and compare incentives offered by different builders.
- Work with trusted professionals: An experienced solicitor and estate agent can help you navigate contracts, negotiate terms, and avoid common pitfalls.
- Budget for all costs: Don’t forget about stamp duty, legal fees, surveys, and moving expenses. Factor in potential changes to VAT or government supports.
- Be ready to move quickly: The best properties often sell within days of launch. Have your paperwork and finances in order so you can act fast.
What should sellers know?
If you’re thinking of selling, August 2024 could be an excellent window. Demand remains high, and buyers are motivated by the prospect of lower rates and potential policy changes. Present your property in its best light, price realistically, and be prepared for a quick sale if your home is in a desirable area. Consult with your solicitor early to ensure all title and planning documents are in order—delays here can cost you a sale.
Expert commentary
"The launches at Tandy’s Lane and Luttrellstown Gate will be a true test of the Dublin market’s resilience. With interest rates set to ease and possible government changes ahead, buyers should act decisively but also plan for the long term. Remember, property is a long-term investment—focus on what works for your family, not just the headlines."
— Andrea Clarke, Coyne Solicitors
Looking ahead: the future of Dublin’s property market
As August draws to a close, the Dublin property market will be shaped by a unique mix of economic, political, and social factors. While no one can predict the future with certainty, the fundamentals remain strong: a growing population, robust demand, and a government focused on housing. Coyne Solicitors is here to help you make sense of the changes and secure your best outcome—whether you’re buying, selling, or investing. Stay tuned for further updates as the season progresses, and don’t hesitate to reach out for tailored advice.
