Ireland property prices rising steadily

Prices of three-bedroom semi-detached houses in Ireland are rising steadily, new figures show.

According to the latest index from Ireland’s Real Estate Alliance (REA), prices for three-bed semis have risen by 11.2 per cent over the last 12 months. The national average price of such a property currently stands at 215,269 euros.

Perhaps unsurprisingly, the increased price growth is most prominent in capital city Dublin and its surrounds. The average three bed semi-detached now costs 414,500 euros, a rise of 10,000 euros over the last three months and an increase of 14.1 per cent over the past year.

Not only are prices in Dublin rising steadily, but it would appear that more buyers are being attracted back into the market. REA agents located in the city note that properties which took seven weeks to sell a year ago are now moving to sale agreed in 21 days.

Prices in the country’s smaller rural towns situated outside of Dublin, and the commuter belt, were up by 12.3 per cent.

Elsewhere, prices in the major cities of Cork, Galway, Limerick and Waterford rose 9 per cent in the last year, taking average prices in these cities to 311,000 euros, 245,000 euros, 185,000 euros and 190,000 euros respectively.

The only towns and cities struggling to see property price growth were those located close to the Northern Ireland border. The REA agents believe that uncertainty caused by Brexit is the main reason for this.

The continued improvement in Ireland’s property prices (on the whole) is a major boost to the country’s recovering economy. Ireland had been one of the countries hit hardest by the financial crisis of the late noughties, with a property market collapse sparking a few years of economic turmoil in the country.

Article published 29th June 2017