Next year will mark a decade since the global economic crash which triggered a dramatic downturn in property prices in Ireland. While house prices are highly unlikely to climb to their mid-2000s levels in the foreseeable future, they have been growing steadily of late as the property market continues its recovery. Indeed, the biggest issue in housing right now is not the price of the property, but the struggle to meet the demand for housing in Ireland, with 50,000 new homes required every year due to obsolescence, net migration and a reduction in household sizes.
Throughout 2017, the average Irish house price has fluctuated below or above the €250,000 mark, with a median property price in the region of €200,000. The precise figures will vary significantly depending on location – for instance, a house in Dublin would cost substantially more than one in the north-west of the country. Nonetheless, the average house price in Ireland has grown far more rapidly since January than it had done during the two previous calendar years. Demand for accommodation has been a driver of increasing house prices, with rental costs spiraling massively over the past couple of years.
The people at Easy Life Cover (https://www.easylifecover.ie/) have put together a handy summary of trends in the Irish property market, with accompanying advice on the steps involved in house buying and the benefits and drawbacks of renting versus buying a property. Read below to find out more.