Ireland Property Market Weekly Briefing: Supply Improves, Construction Slows and Prime Dublin Offices Attract Capital

Market briefing for the week ending 13 November 2026. Ireland’s property market is sending mixed signals. New-home completions are rising, but construction momentum has weakened; second-hand sales are under pressure from higher borrowing costs; rental affordability remains acute; and prime Dublin commercial property continues to attract institutional capital. For sellers, landlords and investors, the market is becoming more selective rather than simply weaker.

This review brings together the most relevant Irish residential and commercial property developments reported or published during the past week, with wider context from the latest official data and market reports. Casey Kennedy Estate Agents has been established in Stillorgan since 1985 and supports clients across Dublin and the commuter belt with residential sales, lettings, management, block OMC management, rent reviews and Bluebook valuations.

The week in five signals

• Completions are rising: 10,154 new homes were completed in Q3 2026, 10.4% above Q3 2025, according to the Central Statistics Office.
• Construction is losing momentum: the latest AIB construction survey reported a third consecutive month of contraction in residential activity during October, as price pressures weighed on the sector. The Irish Times reported the findings on 10 November 2026.
• Existing-home sales are softer: a recent Geowox analysis reported a 2.2% year-on-year decline in second-hand home sales during Q3, while the national median price reached €406,000. The Irish Times covered the report.
• Rents remain elevated: MyHome reported on 11 November that Irish rents had increased by 36% over the five years to October 2026. MyHome listed the update among its latest property stories.
• Prime Dublin offices remain investable: ISIF committed €100 million to IPUT’s Dublin workplace strategy, including the redevelopment of 29 Earlsfort Terrace. IPUT Real Estate announced the commitment on 2 November.

Residential market: more homes, but not yet enough

The strongest positive indicator is the continued improvement in new-home delivery. The CSO recorded 10,154 completions in Q3 2026, compared with 9,197 in Q3 2025. Scheme houses accounted for 5,163 completions, apartments for 3,464 and one-off homes for 1,527. The first nine months of 2026 produced 26,833 completions, 10.6% above the same period of 2025. CSO data shows that 37% of Q3 completions were in Dublin and 18% in the Mid-East, including Kildare, Meath, Wicklow and Louth.

However, rising completions should not be mistaken for a rapid return to balance. The geographic distribution is uneven: completions fell by 8% year-on-year in the Mid-West and by 6% in the Border region, while the West recorded a 33% increase and the South-East a 24% increase. Dublin also accounted for 67% of apartment completions in the quarter, underlining the importance of apartment delivery to the capital’s housing supply.

The strategic challenge was highlighted by Cairn Homes chief executive Michael Stanley, who told the Oireachtas housing committee that Ireland has little chance of reaching annual output of 60,000 homes unless apartments make up approximately half of future delivery. The company forecast close to 40,000 completions in 2026, with output in 2027 likely to exceed that level. Those comments were reported by The Irish Times.

Construction: the near-term warning sign

The most important negative development this week was the deterioration in construction sentiment. According to the latest AIB purchasing managers’ index reported by The Irish Times, overall construction activity contracted in October for the first time in four months, while residential activity recorded its third consecutive month of contraction. Price pressures were identified as a key factor.

For the housing market, this creates a difficult tension. Completion numbers are improving because projects already under construction are reaching delivery, but weaker current activity can affect the next pipeline of homes. If construction costs, finance costs, infrastructure delays or planning uncertainty remain elevated, future supply may not grow quickly enough to meet population and household formation needs.

The AIB Economic Chartbook published in November forecast approximately 39,000 completions for 2026, around 41,000 for 2027 and 45,000 for 2028. It also reported that the 12-month running total had reached approximately 38,800 by Q3. These are forecasts and estimates rather than confirmed final annual outturns. AIB Economic Research provides the underlying chartbook.

Second-hand homes: a more selective market

Recent market data suggest that the resale market is cooling at the margin, although this does not mean that demand has disappeared. Geowox reported 14,787 residential sales in Q3, including 3,432 new homes. Total sales were broadly stable year-on-year because new-home sales rose, but second-hand transactions fell by 2.2%. The median price paid nationally was €406,000, with Dublin’s median at €550,000 and the median Dublin apartment price at €407,000. The Irish Times report also noted that the number of homes available below €350,000 had fallen by almost 10% year-on-year to 5,676 entering the second half of 2026.

The practical interpretation for sellers is that pricing and presentation matter more than they did during the most intense phase of bidding competition. Buyers are still active, but higher mortgage costs and affordability constraints increase the value of accurate pricing, strong documentation, energy performance and a well-managed sales process.

Energy efficiency is becoming a price differentiator

The same Geowox analysis found that buyers were paying a premium of close to €100,000 for more energy-efficient homes. The figure should not be read as a universal valuation uplift for every property, because the premium varies by location, size, condition and buyer profile. It does, however, reinforce a clear market direction: BER performance, running costs, insulation, heating systems and retrofit potential are increasingly part of the valuation conversation. The Irish Times covered the finding.

For homeowners considering a sale, the best next step is not necessarily a major renovation. A professional appraisal can help separate improvements that are likely to support value from expenditure that may not be recovered. In some cases, clear BER documentation, maintenance records, decluttering, targeted decoration and reliable information about annual running costs can be more useful than over-capitalising on works.

Rental market: pressure for tenants, decisions for landlords

Rental affordability remains one of the market’s defining issues. MyHome reported on 11 November that rents had risen by 36% in the five years to October 2026, reaching their highest level since the series began in November 1996. MyHome’s latest property updates also highlighted a forecast that the Government could miss its housing target by 120,000 units, reflecting the gap between planned delivery and the level of supply required.

For landlords, headline rent growth must be considered alongside finance costs, taxation, compliance, insurance, maintenance, vacancy risk and the changing regulatory environment. The right decision may differ substantially between a highly leveraged apartment, a debt-free family home, a block-managed investment and a commercial property. A rent review or investment appraisal should therefore be based on the specific asset rather than on national averages alone.

Landlords considering a sale should obtain advice early. Preparing tenancy records, confirming rental history, reviewing title and management-company information, and understanding the implications of selling with vacant possession or with a tenancy in place can materially affect timing and buyer interest.

Commercial property: capital is returning to prime Dublin offices

The commercial story is more nuanced than a simple office-market recovery. Investors continue to distinguish sharply between high-quality, sustainable, well-located buildings and older or less adaptable stock.

On 2 November, IPUT announced that the Ireland Strategic Investment Fund would invest €100 million in new equity to support the redevelopment of 29 Earlsfort Terrace as part of IPUT’s planned €500 million prime-office development programme. IPUT said it had raised more than €400 million in new equity during 2026 and that the broader programme includes two office redevelopments totalling 350,000 square feet. IPUT’s announcement described demand for best-in-class workplaces as exceeding available Grade A+ supply at the prime end of Dublin.

The message for commercial owners is clear: quality, location, amenities, sustainability, flexibility and occupier appeal are increasingly linked to liquidity and rent prospects. For investors, this supports a strategy focused on assets with strong fundamentals and realistic repositioning potential rather than relying solely on broad market recovery.

What this means for Dublin sellers and investors

1. Price for today’s buyers. Recent resale data indicate that affordability is becoming more binding. A defensible asking price can create stronger engagement than an optimistic launch followed by reductions.
2. Make the property easy to buy. BER details, title information, management-company documents, planning history and clear tenancy records reduce friction during due diligence.
3. Show the value of energy performance. Buyers are increasingly attentive to running costs and retrofit requirements. Present the evidence clearly rather than relying on vague claims.
4. Think locally. National trends conceal substantial differences between Dublin neighbourhoods, commuter towns, apartment schemes and regional markets. Comparable evidence should be local, recent and property-specific.
5. For landlords, review the whole investment. Compare the net return from holding with the likely sale proceeds after tax, costs, financing and any required works. A rent review, valuation and management audit can provide a more reliable basis for the decision.
6. For commercial owners, focus on quality. Prime, sustainable and adaptable assets are attracting more attention than poorly located or obsolete stock. The correct strategy may be refurbishment, re-letting, refinancing or sale.

Our view from the ground

We see a market that is still fundamentally supply-constrained but increasingly evidence-led. Good homes in strong Dublin locations can attract serious buyers, yet the route to a successful sale is less forgiving when a property is mispriced, poorly presented or insufficiently documented. At the same time, investors and landlords need decisions based on net income, asset quality and long-term liquidity rather than headline rent or price growth alone.

Casey Kennedy Estate Agents has supported property owners since 1985, beginning in Stillorgan and expanding across Dublin and the commuter belt with agents covering the city centre, northside and southside. Our residential sales team advises on pricing, presentation, targeted marketing and negotiation, while our wider services include lettings, property management, block OMC management, commercial and residential rent reviews, and Bluebook valuations.

Thinking of selling, reviewing a rental investment or assessing a commercial asset? Talk to Casey Kennedy Estate Agents for a confidential, property-specific discussion.

Sources and methodology

This briefing covers developments reported or published between 6 and 13 November 2026, with selected official statistics and market context published shortly beforehand. Sources include the Central Statistics Office, AIB Economic Research, The Irish Times, MyHome and IPUT Real Estate. Company statements are identified as such and are not treated as independent market forecasts. Figures may describe different periods and methodologies, so they should not be combined as a single property-price index.