The Irish housing market continues to look strong.
The property prices increased nationally in Ireland by 10.7% from February 2016 to February 2017. Although Dublin has been leading the way in the property market recovery, those who are living outside of Dublin are now leading in the price increase. This property news can be linked to the figures published by the Central Statistics Office (CSO).
Year on year in Dublin, the prices increased by 8.3% – house prices up by 8.1% and apartment prices up by 9.1%. This is showing that despite the property being a house or an apartment, for those looking to sell, the future appears bright.
Overall across Ireland, the national index is 30.7% lower than their highest-level back in 2007. The prices in Dublin are 31.3% lower than in February 2007, but when comparing to recent years, the recovery is what matters at present.
From February 2016 to February 2017 the average market price paid by households for a home was €245,165. Dublin being very expensive, the most expensive was Dún Laoghaire-Rathdown. The average price of a home was approximately €555,346. On the other hand, South Dublin was the least expensive, priced at €313,506.
The lack of competition in the Irish housing market is encouraging price growth, not just in the main city Dublin, but also in all other areas across the country too. As the prices have been going up steadily, it can only be predicted that this trend is not to finish anytime soon.
The Institute of Professional Auctioneers and Valuers say that prices will keep going up until supply starts to increase. At the moment, fewer houses are being built which means that the ones that are built are increasing in value.
There are only minimal amounts of operators currently building residential properties in Dublin city and this could prove to be a slight problem for investors who are looking to snap up cheap properties. However, for investors looking to sell, big profits look like they’re on the horizon.
Written by Gemma Smith