The latest property price figures show a 10% increase in the cost of buying a home over the past year. The demand for housing is being driven by a strong economy, low unemployment, and a rapidly growing population. However, the lack of sufficient new homes being built is causing prices to rise steadily over the years. The Central Statistics Office’s latest report confirms the continuous increase in house prices.
Property prices are now 13.4% higher than the peak in 2007 and have seen a 153% increase since reaching a low point in 2013. The European Central Bank’s efforts to control inflation through interest rate adjustments are expected to further impact the property market. Despite efforts to increase housing output, there remains a significant shortfall in available homes.
While concerns about a potential property crash linger, strict lending rules and restrictions on property development loans aim to safeguard against such a scenario. However, the property market continues to thrive with no signs of slowing down.
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