There is a significant increase in prices in the Irish real estate market. According to experts, this trend is connected, among other things, with the expected inflation.
In the second quarter of this year, from March to June, house prices in Ireland increased by 3.8%. There has not been such a three-month indicator for almost 2 years. Such data is provided in the latest sales report Daft.ie .
If we look at the changes over the annual period, the cost of housing has “soared” by 9.5% compared to 2021. The average price of apartments in the country now is €311,874. This, by the way, is only 16% lower than the peak of the “Celtic Tiger”.
For the record. “Tigers” are called states that demonstrate super—results in the economy – more than 5% per year. In the 90s, Ireland became the first “tiger” in Europe. Thanks to competent reforms, in a decade it has overcome poverty and become a global cluster of high-tech industry. It is also commonly referred to as an Irish economic miracle.
Among the major Irish cities, the leaders in house price growth are Galway and Waterford. In Galway, the average cost of apartments is €352,605, an increase of 13% compared to last year. In Waterford, the average price tag is €226,635, an annual increase of 13.5%.
As for housing in the capital of the republic, Dublin, it has increased in price by 6.6%. For comparison, at the end of 2021 it was 3.4%. At the moment, the average price of apartments on the market is €429,384.
The greatest progress is observed outside the cities: prices in rural areas increased by 11.4% year-on-year.