The average cost of buying a house in Ireland is now €291,000 while here in Dublin it's €405,000.
Daft.ie says the cost of buying a home increased by 7.7% on average this year, while here in the capital it stands at over 3%.
Average list price and year-on-year change according to Daft.ie:● Dublin City: €405,259 – up 3.4%● Cork City: €313,436 – up 5.5%● Galway City: €322,543 – up 1.6%● Limerick City: €234,908 – up 6.4%● Waterford City: €211,023 – up 7.5%
Author of the report, and economist at Trinity College, Ronan Lyons says: “Inflation in listed prices continues to cool from its mid-year peak. Nonetheless, at nearly 8% for the year, it remains stubbornly high. This reflects a combination of unusually strong demand and on-going weak supply.
"Demand for homes to buy, which had been strong anyway from the mid-2010s, has received an unexpected boost during the covid19 pandemic, with prospective buyers able to tap into ‘accidental’ savings, as expenditure fell during the lockdowns. Meanwhile, both new and second-hand supply remain weaker than expected before the pandemic.
"While the pandemic has changed some particulars, the general health of the housing market is largely unchanged – it is one characterised by weak supply in the face of strong demand. For that reason, additional supply – not just of homes for sale but also of market and social rental housing – remains key to solving Ireland’s chronic housing shortage.”
Fewer than 11,500 homes were listed for sale on December 1st, the lowest total recorded since July 2006. This represents a fall of one quarter, year-on-year. The total number of ads of properties for sale in the year to December 1st was just over 54,000, the highest 12-month total since early 2020. While supply has improved, it remains well below pre-pandemic levels – with almost 70,000 homes listed for sale during 2019.
