Ireland: House Prices, Rents, and Rental Yields
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Last Updated: Feb 13, 2006
Yields are low at 4.06% in Dublin
| Last Updated: Feb. 13, 2006 | |||||
| DUBLIN - Centre | COST (€) | YIELD (p.a.) | PRICE SQ.M. (€) | ||
| TO BUY | MONTHLY RENT | TO BUY | MONTHLY RENT | ||
| 50 sq. m. | 220,000 | 600 | 3.27% | 4,400 | 12.00 |
| 70 sq. m. | 320,000 | 1,200 | 4.50% | 4,571 | 17.10 |
| 120 sq. m. | 600,000 | 2,000 | 4.00% | 5,000 | 16.70 |
| 200 sq. m. | 750,000 | 2,800 | 4.48% | 3,750 | 14.00 |
| DUBLIN - Suburbs | |||||
| 700 sq. m. | 250,000 | 950 | 4.56% | 3,571 | 13.60 |
| 120 sq. m. | 340,000 | 1,200 | 4.24% | 2,833 | 10.00 |
| 200 sq. m. | 450,000 | 2,000 | 5.33% | 2,250 | 10.00 |
| 400 sq. m. | 630,000 | 3,000 | 5.71% | 1,575 | 7.50 |
| Cork | |||||
| 50 sq. m. | 170,000 | 700 | 4.94% | 3,400 | 14.00 |
| 1020 sq. m. | 280,000 | 1,200 | 5.14% | 2,800 | 12.00 |
| 150 sq. m. | 360,000 | 1,500 | 5.00% | 2,400 | 10.00 |
| Galway | |||||
| 50 sq. m. | 180,000 | 700 | 4.67% | 3,600 | 14.00 |
| 1020 sq. m. | 260,000 | 950 | 4.38% | 2,600 | 9.50 |
| 150 sq. m. | 340,000 | 1,300 | 4.59% | 2,267 | 8.70 |
| County Kerry | |||||
| 120 sq. m. | 270,000 | 850 | 3.78% | 2,250 | 7.10 |
| 200 sq. m. | 350,000 | 1,300 | 4.46% | 1,750 | 6.50 |
| 300 sq. m. | 450,000 | 1,800 | 4.80% | 1,500 | 6.00 |
| Source: Global Property Guide | |||||
Yields are around 4.06% for apartments and 4.96% for detached houses in Dublin, the centre of the rental market. Yields are around 4.64% in other major city centres in the country, such as Cork and Galway.
Nationally, rents are on the rise after a decline and are now back at their nominal Jan 2002 levels, up 11.9% over the past two years. However more dwellings were built in 2006, at 93,419, than ever before, so oversupply is a potential concern.
Nevertheless we believe that if house prices do continue to fall, rents are likely to recover further, because of high immigration, and because when house prices fall, people who might otherwise have bought tend to switch to renting.
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