Dublin: Recent reports indicate a staggering surge in house prices across Ireland, with an increase of €20,000 in just the past three months. Geovox, a technology company, conducted a comprehensive study based on entries in the Irish Residential Property Price Register from January to March, revealing a uniform uptick in house prices across villages, cities, and counties.
This dramatic price escalation is primarily attributed to a severe shortage of available houses in the market. With dwindling housing supply, prospective buyers are compelled to pay inflated prices, leading to a decline in overall property transactions. Both new and second-hand homes are experiencing record lows in availability.
Comparing year-on-year data, the average house price has surged from €310,000 to €330,000, marking an increase of €20,000 within the same timeframe. Over the past seven years, the average house price has skyrocketed by €124,000, reaching €206,000 in 2017 and continuing to rise steadily.
Notably, energy-efficient homes command a premium, with an average price of €387,000 compared to €316,000 for non-efficient homes. Despite these soaring prices, the number of houses sold in the first quarter of the year plummeted by 18.4%, further exacerbating the housing crisis.
County Dublin witnessed the highest number of house sales, with 3,095 homes sold at an average price of €445,000. Within Dublin city, the average house price surged to €500,000, underscoring the severity of the affordability challenge.
New home sales experienced a significant decline of 26%, with an average price of €408,000, €106,000 higher than existing homes. Rural and urban housing prices surged by 4.9% and 4.2%, respectively, compared to the previous year.
The influx of refugees has emerged as a new driving force in the housing market, surpassing traditional high-earning sectors such as IT, finance, and healthcare. The government’s expedited refugee acceptance process has led to a substantial increase in housing investments from this demographic, particularly evident in areas like Blanchardstown, Finglas, Lucan, Sandyford, and Dublin City.
Upon receiving refugee status, individuals are transferring funds from their home countries to Ireland, bolstering the housing sector. The Irish government, in collaboration with approximately 100 charities, is facilitating their integration by offering support for business ventures and employment opportunities.
Furthermore, refugees granted official status are entitled to the same benefits as Irish citizens. Even those who do not qualify as refugees may receive supplementary protection, reflecting the government’s compassionate approach towards migrants.
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