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The coronavirus blockade and Brexit uncertainty are attributed to a 4.6 percent drop in property sales nationwide.
The biggest drop in sales was seen in Wexford, where they slumped by 17.8 percent, followed by Kildare with 16 percent, Kilkenny with 15.2 percent, and Louth with 12.3 percent.
In Dublin, sales for the first quarter of the year decreased by 7.2 percent compared to the same period last year, according to a study by MyHome.ie.
The dramatic drop in sales is the first indicator that Ireland is going to witness “a buyer’s market,” with lower prices expected, according to Angela Keegan, managing director of MyHome.ie.
The study by the property website looked at sales of residential properties recorded in the Property Price Registry during the first quarter of 2020.
Monaghan resisted the trend with a 28.6 percent increase in sales, while sales in Limerick also increased: 7.2 percent.
“In the first part of the year, we were lagging behind,” Keegan told the Irish Independent.
“This year is a buyer’s market. There was an attitude of waiting before the Brexit announcement.”
“And we are at an early stage with Covid-19 but, let’s be honest, the market has frozen.”
“If sales are in progress, there is some chance that real estate agents will complete them.
“But this time of year is usually the peak time of sale, and people who want to sell their houses don’t have the ability to put their houses on the market.”
She said that while real estate agents are using technology to try to sell houses during closing, sellers know they cannot attract buyers to the same degree as before.
“Covid-19 will greatly impact the level of transactions this year.
“The virus has to be dealt with before we can predict anything, but I think it’s a buyer’s market for the next time.”
“A reduction in stocks can help move stocks, but buyer confidence must return.
“I think the price of rent and housing will be affected.”
Ms Keegan said that Covid-19 had “denied any possible recovery in activity following last year’s Brexit uncertainty.”
The Brexit uncertainty had a “significant effect” on sales in late 2019, “something that was evident in the new year,” said Ms. Keegan.
“This was compounded by Covid-19 in early March, just when we thought we would see an increase in sales,” he added.
Irish Independent
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