House prices in Ireland are up, rising interest rates have had no effect on home buyers
Dublin: Figures show that house prices have already risen in Ireland. The new research says that even as the ECB continues to raise interest rates, there has been no significant decrease in the number of home buyers and borrowers. The quarterly price review report on the My Home website says that house prices are 2.2% higher than in the second quarter of last year. Despite the ECB’s interest rate hike, people are still taking out mortgages.
Every day, many new families arrive in Ireland, particularly in Dublin. The arrival of family members from other countries through family reunification is increasing the number of people looking for affordable housing. Those working in the IT, pharmaceutical, and financial sectors tend to buy houses before their families arrive. Therefore, there is fierce competition in the market.
During the final quarter of last year, the national average price of a house in the country was €3,25,000. According to the website, prices are now up 4.3% from the previous quarter. Buyers are paying 1.4% more than what landlords and agents are asking, the report says.
Dublin’s average price increased by 0.6%. The house here costs 4,18,000 euros. House prices are relatively low outside the capital. However, data shows that prices are rising there as well. The average house price outside the capital is €280,000. This represents a 3.5% increase over the previous year.
In terms of mortgages, May saw a record 1.27 billion euros, the report said. The report also revealed an 11.5% increase in the number of home buyers and a 3.5% increase in the average amount of mortgages for first-time home buyers. 2,98,600 in mortgages.
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