House prices here could be overvalued by at least 7%.
In its latest quarterly economic assessment, the ESRI is warning the property market is likely to see a sharp slowdown in the months ahead but didn't state if that might lead to falling prices or a price correction.
It comes as a popular twitter page on the housing market has highlighted a reported drop in house prices.
Huge number of price drops on the @MyHomeProperty app today pic.twitter.com/T0PQm2rnP4
— Ciarán - Crazy House Prices (@crazyhouseprice) October 5, 2022
Meanwhile, the ESRI has also described the Irish economy as 'robust' and says it will continue to perform well despite global uncertainty and the cost-of-living crisis.
Kieran McQuinn, a research professor with the ESRI, is also predicting another strong year for jobs in 2023;
"We expect the unemployment rate to continue to fall and we believe that it will be just over 4 per cent next year and that's a very low unemployment rate given the history of the Irish labour market."
