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Housing shortage persists, demands and prices increase

DUBLIN: House prices in Ireland are rising while the country’s housing shortages worsen. Homes are now eight percent more expensive than they were last year. At the same time, housing availability is 34% lower than required. The rise in house prices in Ireland were revealed by the property website Daft.ie.

In the first quarter of last year, the average house price in the country was €256,000. It rose to €276,000 this quarter. Prices rose 8% in the second quarter. In the first quarter of 2021, housing prices were €275,751. According to Daft.ie, this is 6.8% higher than in 2013.

House prices in Dublin are up 6.9% from a year earlier. At the same time, the counties around Dublin reported higher prices. In Cork, Galway, Limerick and Waterford, house prices rose by 11 to 12%.Leinster saw an average price increase of 12.4%.Munster, Connacht and Ulster, outside the city areas, also saw an increase of up to four per cent.

As of March 1, 12,000 homes were in the housing market. Daft.ie explains that this is the lowest number since the online market started. The availability of housing was 40% lower than the national average. Statistics show that housing stocks in Dublin were lower than this.

According to economist Ronan Lyons, the statistics indicate that the COVID-19 pandemic has had a major effect on the availability of homes. “The total number of homes listed for sale in the 12 months to February nationwide was just 45,700, down a third on the previous 12-month period,” he pointed out.

Mr. Lyons said the findings are a reminder that the need to build new homes every year remains. Many people expected the prices to fall in a pandemic, but it did not happen.

The supply of second-hand homes that went on sale also fell by 40%.

Mr. Lyons said housing supply will be a major issue for the next 20 to 30 years. This is due to practices including the distribution of small houses and the fact that people live in more urban areas.

The Institute of Professional Auctioneers & Valuers (IPAV) said there was an unexpected rise in prices amid a sharp decline in the supply of listed properties.

IPAV Chief Executive Pat Davitt said many agents do not list new properties on the market because of COVID-19 restrictions on showing properties.

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