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“Home Prices Continue Upward Trend, Surging 4.4% Last Year”

Dublin: In Ireland, the upward trajectory of house prices persists, much to the dismay of aspiring homeowners. Last year witnessed a notable 4.4% increase in house prices, with Dublin once again at the forefront of this surge. However, the ripple effects of escalating prices have now extended to the suburbs, posing challenges for first-time buyers.

Dublin experienced a 2.7% year-on-year increase in house prices, while regions beyond the capital saw an even steeper rise of 5.7%. Estate agents predict further price hikes in suburban areas, exacerbating affordability concerns.

The Residential Property Price Index for December revealed the fourth consecutive monthly increase in house prices nationwide, with a notable 1.5% surge, marking the highest monthly escalation in two years.

Despite the European Central Bank’s series of 10 consecutive interest rate hikes aimed at curbing inflation, housing prices remained resilient, confounding expectations. While these hikes rendered mortgages more costly, they failed to temper the upward trajectory of property prices.

Ian Lawlor from Lotus Investment Group highlighted signs of resilience in Ireland’s housing market, indicating its renewed vigor. However, Trevor Grant, Chairperson of the Association of Irish Mortgage Advisers, expressed frustration and apprehension over the continued surge in house prices. Grant emphasised that the persistent imbalance between housing supply and burgeoning demand is poised to further inflate prices in the coming year.

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