Autumn 2024: a defining season for Dublin's property market
The Irish property market is once again the talk of the nation as we head into autumn 2024. With new developments launching, interest rates shifting, and government policy changes on the horizon, both buyers and sellers are watching closely. In this in-depth update, Coyne Solicitors brings you the latest trends, expert analysis, and actionable advice for navigating the months ahead.
Historic context: how did we get here?
Over the past decade, Dublin's property market has experienced dramatic highs and lows. After the post-2008 crash, the market rebounded strongly, driven by economic recovery, population growth, and a surge in demand for both new and second-hand homes. However, supply has consistently lagged behind demand, leading to rising prices and fierce competition—especially in sought-after areas like Lucan, Clonsilla, and the city's expanding suburbs.
New launches: Tandy’s Lane & Luttrellstown Gate
September 2024 brings two headline launches: a new phase at Tandy’s Lane, Lucan and the debut of Luttrellstown Gate in Clonsilla. These developments are more than just new addresses—they are bellwethers for the entire Dublin market. Early sales figures, buyer demographics, and pricing strategies here will set the tone for the rest of the year. If you’re considering buying, these launches are a must-watch, as they often attract significant interest from both first-time buyers and investors.
Interest rates: relief on the horizon?
After several years of rising interest rates, 2024 is poised to bring some relief. The European Central Bank has signaled 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 sitting 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: FHS, HTB & VAT in the spotlight
Policy is always a wild card in the Irish market. With a general election looming, there’s 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.
Supply, demand & price trends: what the data shows
Despite government efforts to boost construction, supply remains tight. New home completions are up, but not enough to meet the needs of a growing population. Demand is especially strong in the greater Dublin area, where job opportunities, schools, and amenities continue to attract buyers. While some analysts predict a cooling of price growth, most agree that significant price drops are unlikely unless there is a major economic shock. Instead, expect a more balanced market, with moderate price increases and more negotiation power for buyers—especially as new launches come online.
Buyer psychology: why confidence matters
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 autumn. 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 autumn 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.
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.”
— Dermot P Coyne
What should sellers know?
If you’re thinking of selling, autumn 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.
Looking ahead: the future of Dublin’s property market
As autumn 2024 unfolds, 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.
