New data from property website Myhome.ie reveals that both the number and value of transactions in Dublin rose substantially last year.
A new survey, based on an analysis of the Property Price Register, shows that the number of house sales in Dublin city last year rose to 10,000, an increase of 17% on 2012.
Dublin accounted for over a third of the 29,200 houses sold in the country last year. But house sales outside Dublin are also up 17%, driven mainly by increased sales in Cork, Limerick and Galway.
€3.6 billion was spent on property transactions in Dublin during 2013, 34% more than was spent in 2012.
The most popular areas to buy property in the capital city were Dublin 15, where 697 properties were sold, Dublin 14 (649), Dublin 16 (605), Dublin 18 (522) and Dublin 6 (512).
Dublin 10 was the only postcode to show a fall in the level of transactions, down 5% compared with 2012. However the level of transactions was virtually unchanged in Dublin 14, Dublin 20 and Dublin 5.
The Myhome.ie study reveals that the biggest residential sale was that of Walford, Shrewsbury Road in March for €14m. There were 246 sales in the capital last year for €1m or more.
At the other end of the scale the cheapest property was in St Aidan’s Park in Marino, Dublin 3 which sold for €6,000 in June. A large number of properties in the Phoenix Park Racecourse development also sold for €8,000.
Angela Keegan, managing director of MyHome.ie, said that while it is clear the property market had turned a corner in 2013, it is also very clear that the market needs a much higher level of transactions.
"While the increase in the level of transactions is most welcome in Dublin and nationally the current number of sales transactions represents just 1% of our housing stock. The comparable figure in the UK is 4%. So we are still clearly in the early stages of recovery," Ms Keegan said.
She also expressed concern about the supply shortages in some parts of Dublin which is clearly driving prices.