DUBLIN: House prices in Ireland are skyrocketing. This is the first time in the country that house prices have risen by 12% since the financial crisis. According to industry experts, rising house prices are discouraging homebuyers.
Their assumption is that if prices go up like this, it will be difficult for ordinary people to even rent here. Homes are becoming more expensive, even in remote areas. This keeps tenants and first-time buyers away. Auctioneers say the shortage of homes in the market is driving up prices.
According to the Institute of Professional Auctioneers and Valuers (IPAV), home prices have risen more than 6.35% in just six months. Data indicates that by the end of 2021 it will rise to 12%.
While the government’s newly announced ‘Housing for All’ scheme is welcome, experts say it will not provide significant benefits unless house prices are reduced. They add that affordable housing will not be available unless VAT is waived from first-time buyers and many homes are brought to market.
Prices in some areas reached double digits
Data shows that house prices in some areas have risen into the double digits. IPAV chief executive Pat Davitt said house prices near lakes, rivers, scenic areas or offering a sea view rose by 20-25 percent between January and June. “Some of those properties with views or land associated with them that were worth €500,000, are worth about €600,000 and maybe more by now, maybe €700,000,” he said.
Dublin 4 and Dublin 6 are the two most expensive places in the country. Figures show that the national average price for a two, three or four-bed home is up to €280,629.
Higher prices in Waterford and Limerick
Waterford and Limerick saw the highest price increases in the first half of this year. The price of a three-bedroom semi-detached house in Waterford rose 11.16% in the first half of the year. The price of three-four bedroom homes in Limerick has risen 10%. Demand for four-bedroom properties has grown significantly. Their prices also increased by 10%.
Prices of four-bedroom homes rose more than 9% in Cork, Donegal, Kerry, Laois, Monaghan and Galway. Similar increases occurred in Dublin 4, north county Dublin and Dublin 14. These include Churchtown, Clonskeagh and parts of Dundrum and Rathfarnham — and Dublin 24, including Tallaght and Firhouse.
Prices of three and four-bed homes rose more than 9% in Cavan and Meath. Similar increases were seen in Louth and Tipperary for three-bedroom semi-detached homes. Kildare saw a 9% increase in two-bedroom apartments and four-bedroom semi-detached houses.
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