According to recent data, Ireland and the UK showcase notable differences in property prices for 2024.
The property markets in Ireland and the UK for 2024 are not just shaped by trends, but heavily influenced by the weighty factors of economic conditions, policy changes, and demographic shifts, underlining the gravity of these influences.
This brief comparison of residential and commercial property prices in Ireland and the UK for 2024 helps give a clear picture of what’s happening in the property markets.
Residential property prices – Ireland vs the UK
Ireland’s residential property market continues to see a steady rise in prices, particularly in major cities like Dublin, Cork, and Galway. The average price for a home in Dublin has now reached €450,000, reflecting a 5% increase from the previous year.
This growth is driven by a strong demand for housing, limited supply, and a growing population. In Cork and Galway, average prices stand at €300,000 and €280,000, respectively.
The imbalance between demand and supply continues to push prices upward, making affordability a significant concern for many.
In the UK, residential property prices have also been on the rise, with London leading the way. The average price of a home in London is now £600,000, marking a 4% increase year-on-year. Cities like Manchester and Birmingham have seen average prices of £300,000 and £250,000, respectively.
The main factors driving these price changes include economic conditions, housing policies, and market demand. Despite the increase, the growth rate in the UK’s property market has been somewhat moderated by higher interest rates and inflation.
When we compare the residential property markets in Ireland and the UK, we find both similarities and differences. Both countries have seen price increases due to high demand and limited supply. However, Dublin’s property prices are slightly lower than London’s.
It’s also important to note the regional variations, with cities like Manchester and Cork offering more affordable options compared to their respective capitals.
Commercial property prices – Ireland vs the UK
In Ireland, commercial property prices as of June 2024 vary significantly based on location and property type.
Prime office space in Dublin ranges from £40 to £60 per sq ft (€46 to €69 per sq ft). Industrial and logistics spaces in Dublin are priced between £8 and £12 per sq ft (€9 to €14 per sq ft).
Meanwhile, high street retail locations in Dublin are particularly pricey, ranging from £100 to £200+ per sq ft (€116 to €232+ per sq ft).
In the UK, commercial property prices also exhibit considerable variation. Prime office space in London ranges from £60 to £80+ per sq ft (€70 to €93+ per sq ft). Manchester and Birmingham offer office space at £30 to £50 per sq ft (€35 to €58 per sq ft).
Retail spaces in central London prime locations are exceptionally high, starting at £300+ per sq ft (€348+ per sq ft).
So, comparing commercial property prices between Ireland and the UK reveals significant differences. London’s commercial property market, particularly for prime office and retail spaces, is significantly more expensive than Dublin’s.
However, secondary cities in both countries offer more affordable options. For instance, industrial and logistics spaces in both Dublin and London have similar price ranges. Retail spaces in prime locations, particularly in central London, are substantially higher than those in Dublin.
Sectoral trends – UK and Ireland compared
In Ireland, the logistics sector is experiencing significant growth, driven by the increasing demand for e-commerce and distribution centres. This trend is particularly evident in Dublin and other major cities.
Additionally, the demand for prime office space remains strong, despite the growing trend of remote and flexible work arrangements.
In the UK, the commercial property market is significantly influenced by the shift towards flexible workspaces. London remains a hub for prime office space, but there is a growing trend towards coworking spaces and flexible office arrangements.
The industrial and logistics sector continues to thrive, bolstered by robust e-commerce growth and supply chain requirements. In 2024, property prices in both Ireland and the UK reflect broader economic trends and sectoral dynamics.
While residential prices continue to rise due to demand-supply imbalances, commercial property markets are influenced by sector-specific trends such as logistics and flexible workspaces.
Legal Disclaimer
We cover articles relating to many activities. Some of our articles showcase gaming and gambling as activities. While we do not take money for bets or own any gambling venues, we feel it is important that our readers know the risks of such venues or sites that we may mention in our articles. Gambling involves risk. Please only gamble with funds that you can comfortably afford to lose. See our legal disclaimer for more info.
Sponsored Content Disclosure
This article is a sponsored feature, and all content and links contained within should be considered promotional in nature. Unless explicitly stated otherwise, links included in this article are to be understood as sponsored. If you are interested in promoting content on our website, kindly refer to our contact page to arrange the elevation of your brand’s visibility.
