Don’t expect house prices to drop in Ireland… House prices will rise again next year. But…
Dublin: According to experts, house prices in Ireland are likely to rise again this year. However, property website Daft provided a reassuring forecast of slower growth.
In Ireland, house prices are expected to rise by 6.1% in 2022, but average prices have fallen by 0.4% in the last three months. Prices will rise again this year, but at a slower rate than in the previous three years, as per Daft’s Ronan Lyons.
At the end of last year, the average price paid for a residential property in the country was €310,000, which was slightly lower than the third quarter average and 16% lower than the Celtic Tiger peak.
At the beginning of last month, 15,200 houses came on the market at this price. This was one-third more than the same period last year, but far less than the 2019 average of 24,200. He predicted that 64,000 homes would be for sale in 2022, similar to 2018.
House prices in Dublin and Galway have risen by 7% in the last three months compared to the same period last year. In Dublin City, the average house price is €4,25,560. 5% increase in a single year. Property prices in Galway increased by 8%. It was €3,50,541. The steady influx of foreign workers into Ireland keeps house prices stable.
Waterford City saw a 6.4% increase in house prices, while Cork City saw a 3.3% increase. There was a significant increase in prices outside the cities as well. The average increase was 7.1 percent. Leinster, Munster, and Connacht-Ulster all saw similar increases.
Prices in Cork increased by 3.3% to €3,24,840. Limerick City’s house prices increased by 5.4%. The average house price here is €2,48,531. Waterford City has an average house price of €2,25,465. This represents a 6.4 percent increase over the previous year. The average house price in the rest of the country is €2,60,737, up 7.1 percent from the previous year, according to the website.
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