Europe -  Dublin

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Dublin, the capital and largest city of Ireland, home to more than 1.5 million people as of 2024, making it not only Ireland’s most populous city but also one of the largest urban centres in the British Isles. As the country’s economic engine, Dublin boasts a diverse and dynamic economy, with key sectors including technology, finance, tourism, and life sciences. The city also serves as the European headquarters for numerous multinational corporations, such as Google, Facebook, PayPal, and Airbnb. In 2024, Dublin’s office market saw renewed momentum, with increased interest from major global firms. The city was ranked second for Economic Potential in the European Cities and Regions of the Future 2025 report by fDi Intelligence, a division of the Financial Times. Dublin’s strong economic fundamentals and sectoral diversity are expected to provide resilience and support continued long-term growth.

Before the pandemic, Dublin enjoyed strong hotel demand, with international visitors making up as much as 80% of the city’s tourism mix. Naturally, RevPAR dropped significantly during the pandemic. However, a robust recovery began in April 2022, with performance strengthening throughout 2023, driven by increases in both average rates and occupancy levels. Following two years of impressive growth, the market experienced a slowdown in 2024. Both occupancy and average rates softened slightly, resulting in a marginal decline in RevPAR, which in real terms stood at 5% above levels observed in 2019. This dip can be attributed to two main factors: increased hotel supply, which grew at a compound annual rate of about 2% between 2019 and 2024, and the reinstatement of the higher VAT rate for the hospitality sector, which rose from 9% back to 13.5% in September 2023 – matching levels seen during the pandemic.

Currently, Dublin has a significant hotel development pipeline, with approximately 6,600 rooms in progress – representing around 24% of the existing inventory. Around 70% of the pipeline comprises independent hotels, and nearly 60% fall within the economy segment, with the remainder distributed across the upper midscale to upper upscale categories. Around 80% of the pipeline is expected to be delivered within the next two years with around 60% of the total pipeline already under construction.

In 2024, notable hotel transactions in Dublin included the sale of the iconic 265-room Shelbourne Hotel in March (price undisclosed) and the 120-room Hard Rock Dublin Hotel, which sold for €62.5 million (€521,000 per key) in July.

Despite a resilient market, hotel values in Dublin declined by 0.7% in 2024, according to our 2025 European Hotel Valuation Index – remaining only marginally below the levels recorded in 2019.

Change In Value For Market: (€Euro)

Legend
Significant Value Increase: Greater than +10%
Moderate Value Increase: Between +3% and +10%
Stable Values: Between -3% and +3%
Moderate Value Decline: Between -3% and -10%
Significant Value Decline: More than -10%

For more information, please contact:

Sophie Perret, MRICS, MBA
Managing Director
[email protected]
  • +44 0 2078787722 (w)
  • +44 0 7725781037 (m)
Tabitha Watkins
Analyst
[email protected]
  • +44 0 2078787724 (w)
  • +44 0 7562956921 (m)
Margherita Rivetti

[email protected]
  • +44 0 278787754 (w)
  • +44 0 7955271797 (m)