Property prices in Ireland are back on the rise, following a period of stability in 2023. Various factors like a shortage in supply, interest rate cuts, and wage growth are contributing to the renewed momentum in price growth.
Both MyHome.ie and daft.ie have reported a significant increase in asking prices, with vendors often achieving prices well over their original asking price. The market is tight with a low supply of properties, leading to swift price rises.
The new build sector is crucial in meeting the demand for properties. While over 32,000 units were completed last year, experts now believe that closer to 50,000 new homes are required per year. The current deficit in housing supply needs to be addressed through increased construction.
Despite some potential challenges, the outlook for the property market remains positive, with high demand and limited supply driving prices up. It’s forecasted that there will be a ‘high single digit gain’ in prices for the full year.