The Irish real estate market has seen a number of struggles within the last seven years- much longer than the COVID-19’s impact has had on the global industry. A report by Daft showed that rent in the Gaelic country had been rising steadily up until right before the pandemic, where it seemed to level out.
Daft isn’t the only one who has been conducting research on the goings-on within the Irish market. Beagel, an online property auction site servicing the country, recently came out with its own report focusing on the impact the pandemic has had on real estate bidding and sales.
According to Healy Hynes, the founder of Beagel, the report is based on research collected from over €1 billion in private treaty bids placed on their system since January 2019.
“The Beagel Covid-19 Impact report examines the on the ground changes in property sales.”
The study covered the number of bids made per property sold and found that in January of this year, the average number of bids made per listing was 9.9, a decrease of 31%. The numbers slowly dwindle from there, with every month after facilitating less and less bids. By April 2020, the decrease was 86%.
January the year prior, to February 2019, Beagel saw an increase of 37.8% in bids per property.
“Comparing the year to year figures we can see that there was almost a 50% increase in bids per property between January 2019 January 2020.
“These ratios then flipped in February when the bids in 2019 were exceeded the bids 2020. The averages for March were practically identical with less than 1 bid in the difference. The downward trend however crystallized in April with a 92% difference between the months.”
Online bidding is a great way to purchase a house during quarantine. There’s no need for human contact to complete the process and it can be done from your personal computer, in the comfort and safety of your own home. Still, the report shows that Irish consumers are still putting their moving plans on hold.
To read the full Beagelbid.ie report for free, click here.