Today marks the launch of the Daft.ie/AIRO property value interactive map tool, put together by Ronan Lyons (Oxford University) and Justin Gleeson (AIRO/NIRSA, NUI Maynooth). The system provides the first, detailed localised view of the property market in Ireland based on 1.1 million daft.ie property records (the CSO residential property price index divides the data into national and Dublin only).
Importantly, it provides comparable data from 2007-2012, allowing us to see the change in sales and rental prices and expected yield over the course of the crash for 2, 3 and 4 bed properties (the new government house price database when it is released will only provide data concerning 2010 onwards). Sales data is provided for 1,117 areas, rental data for 312 areas, and yields for 4,509 areas. The method for calculating the average price per area is set out in this paper by Ronan Lyons. The methodology used makes each area comparable by controlling for differences in properties (such as type and size), and it should be noted that each area covers a range of locales and provides an average drop in price.
The tool is fully interactive and free to use; to access it go to www.daft.ie/research To get detail on any area click on it and a pop-up box will appear providing data about that locale. Scroll down the pop-up box to see a graph relating to the area. If you hover over the bars in the graph the specific data will appeal.
The data is broadly in line with the CSO data re. total price drop, but shows the variance across the country. Nearly all areas in the range -40 to -60% (a reasonably large range). A few areas are above -60%, and a few below -40%. What the data reveals that there are local markets operating across country reflecting local conditions. Whilst the data are asking prices they are very strongly reflective of actual sales price (which the property sector generally reports as being between 10-15% less than asking price) and shows relative prices and change across country as the data is consistent across space and time.
Hopefully the server will hold up this morning as people try out the tool. If you have difficulty getting access, please try again later. Also check out the dozens of other mapping and data visualisation tools on the AIRO website.