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House prices fell for the first time in ten years in Ireland!

Dublin: For the first time in Ireland’s ten-year history, house prices have fallen. Property listing website Daft said house prices fell by 0.3% from January to the end of March.

Compared to the last quarter of 2022, prices fell by 1.5% in Galway and 0.8% in Waterford. House prices in Dublin fell 0.4%, while those in Cork City fell 0.5%. The only place where prices remained stable was Limerick. Among the five major regions, Munster was the only one where prices increased. According to the Daft report, prices fell 0.5% in Leinster and 0.6% in Connacht/Ulster.

There has also been a decrease in the number of properties coming on the market. Last year, the number of properties increased by 30% from 13,000 on March 1. Daft, on the other hand, points out that this is extremely low. There were 24,200 properties on the market on March 1, 2019.

According to Daft, the average house price was €3,08,497, a 2.7% increase on the same period last year, but the average price has fallen.

Over the last two years, there was little difference between the average listed price and the final sale price. The Daft report also explains that the closing price was 4% higher than the advertised price at the beginning of last year.
However, the report shows that premiums have largely disappeared over the past 12 months, falling to 1.3%.

While the downward trend is encouraging, estate agents say it is unclear whether it represents a genuine drop in prices. They emphasise that the data is based on listed prices rather than sold prices. They point out that in the first quarter, house prices in Dublin were 3% higher than listed prices.

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