Europe -  Dublin

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Dublin is the capital city of Ireland and serves as the country’s economic hub. The city has a population of more than 1.2 million (2023), making it the largest city in Ireland and one the largest in the British Isles. The economy of Dublin is diverse and dynamic, with a mix of industries such as technology, finance, tourism, and life sciences. The city is home to the European headquarters of many large multinational companies, including Google, Facebook, Paypal and Airbnb, which have contributed to the city’s economic growth in recent years. Despite its economic success, Dublin faces several challenges, including housing affordability, infrastructure issues, and a potential talent shortage in the technology sector. However, the city’s strong economic foundations and diverse range of industries are expected to help it weather these challenges and continue to grow in the years to come.

Hotel demand was strong in Dublin in the years prior to the pandemic. With overseas visitors typically accounting for up to 80% of Dublin’s tourism mix, performance dropped substantially in 2020. In 2021, the city’s visitation improved from the summer onwards, although the yearly RevPAR level remained low compared to pre-pandemic levels. However, in 2022 the city’s occupancy and average rate exploded and surpassed the 2019 RevPAR levels every month from April onwards. The performance for the year marked a record-breaking average rate which helped in achieving a historically high RevPAR, surpassing 2019 levels by more than 5%. Both occupancy and average rate increased again in 2023, pushing the RevPAR by almost 20% for the year. 

Dublin’s lack of hotel supply was somewhat of an issue until 2017, when more than 3,000 rooms were built to address this perceived shortfall, with new hotels across mainly the select-service and lifestyle brands including Hard Rock, Moxy and aloft. Currently, Dublin has a significant pipeline of around 6,200 rooms, which constitutes more than 22% of the existing supply.

The most notable transactions in Dublin in 2022 included the sale of the 340-room Staycity Aparthotels Dublin City Centre for around €240,000 per key, and the forward sale of the 151-room Premier Inn Dublin City Centre The Liberties (€235,000 per key). Three transactions went through in 2023, including the sale of the 58-room Springfield Hotel for €131,000 per key in April, and the 98-room Brooks Hotel for €515,000 per key in June.

Overall, hotel values in Dublin increased by 4.3% in 2023, as recorded in our 2024 European Hotel Valuation Index.

Change In Value For Market: (€Euro)

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)
Julia Dzerkach
[email protected]
  • +44 0 2078787742 (w)
  • +44 0 7912240964 (m)
Clemence Sennavoine
Senior Associate
[email protected]
  • ++44 0 7736273439 (m)