A modern property market requires a modern buying system

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Property Insights by Johnny Gannon, Fair Deal Property

Ireland’s property market has undergone enormous change over the past decade. Prices have risen, demand has intensified, and buyer expectations have evolved dramatically. Yet one crucial part of the system has remained largely unchanged: the conveyancing process. Research from the ESRI has highlighted what buyers, sellers, and property professionals have long experienced first-hand, that the legal process involved in transferring ownership remains slower and more complex than is ideal for a fast-moving economy.

Once a property goes sale agreed, the legal and administrative steps required to complete a mortgage-backed purchase typically take a minimum of 12 weeks, with cash transactions averaging approximately half that time. While these steps are essential to protect all parties and ensure proper legal transfer, the process can feel slow relative. The ESRI’s findings highlight the opportunity to modernise and improve how property transactions are completed. Ireland’s system is built on strong legal foundations that protect buyers, lenders, and sellers alike. However, it remains heavily reliant on sequential document requests, legal checks, and verification processes that only begin after a sale is agreed. This extends timelines and creates uncertainty around completion dates.

Meaningful reform has the potential to deliver real improvements. The Government’s proposed Buyer’s Bill aims to introduce practical changes that would allow key legal documentation and property information to be prepared earlier in the sales process. By front-loading much of the legal preparation, transactions can progress more efficiently once agreement is reached. This would reduce delays, improve certainty, and create a smoother experience for everyone.

In many overseas markets, property transactions benefit from greater digitisation and earlier verification of key information. Ireland is now moving in that direction, and this represents a positive and necessary evolution for the market. Greater efficiency will benefit buyers by providing clearer timelines and reducing uncertainty, while sellers will gain the confidence to plan their onward moves with greater precision.

Importantly, the Irish property market itself remains strong and highly functional. The vast majority of transactions complete successfully, supported by experienced estate agents, solicitors, and financial institutions working together to protect all parties.

The ESRI’s research does not highlight a failing system, but rather one that is ready for modernisation. As Ireland continues to grow, ensuring that our property systems evolve alongside the market will be essential. The direction of reform is clear and represents a welcome step forward for buyers, sellers, and the long-term efficiency of Ireland’s property market.

For more visit www.fairdealproperty.ie.