The Irish market is in a market bubble, with a lack of clarity on what’s coming next for property in the country.
There is little consensus on where the next boom is going to come from.
Here are some of the questions you might have about what’s next.
What’s next for the Irish housing market?
Read moreA housing bubble has been created over the past few years.
In May 2019, the Government announced that a house price index would be introduced in Ireland.
That was followed by the introduction of the Irish property index in December 2019, and on to the introduction in February 2020 of the national index of property prices.
This has led to speculation that the index will be extended beyond 2020.
The latest figures show that in March 2020, there were 3,521 listings for homes in Ireland, a 10 per cent increase on the same period in 2019.
That’s still far below the levels in the United States and Canada, where the number of properties listed increased by 25 per cent and 30 per cent respectively over the same month.
While there are more listings than there are homes being bought, there are still more properties being sold.
In 2020, the national median price for a property was €315,000, compared with €430,000 in the year before.
A property is sold for more than the average price in a given year, but this is not always the case.
In the past three years, the median price in Ireland has risen by just under 8 per cent, compared to a fall of 3 per cent for the United Kingdom.
The Irish Property Index, published in March, includes information on prices in Dublin, Cork, Waterford, Kerry, Cork Bay and Sligo.
The data comes from the Property Association of Ireland, which represents the sector.
The Property Association said that the average median price per square foot for properties in Dublin was €3,532, compared the average in the other counties of Cork, Sligo, Kerry and Cork Bay.
It said that in Cork, Dublin and Cork County, the average sale price per sq ft was €2,834, compared for Dublin it was €1,633.
In the year to March, there was an increase of 3.6 per cent in sales in Dublin.
This is down from the 6.1 per cent recorded the year prior, when sales were up by 12.4 per cent.
It also pointed out that the median selling price for properties is $1.5m, while the average selling price in the whole of Ireland is $2.4m.
The increase in sales over the last year has been driven by a number of factors, including the recession, which saw property prices in the capital rise by almost $1bn.
But the real driver of the boom has been the availability of capital, which in the last three years has been boosted by the increase in foreign buyers, particularly from China.
The country is now home to more Chinese nationals than anywhere else in Europe.
The new Government has announced plans to increase the number onshore investors who can access the capital markets by 2025.
The National Association of Residential Property Developers (NARPC) said the Government’s announcement will increase the availability for foreign investors in the housing market.NARP president Brian Gannon said that “this is a very good news story for Dublin and Ireland in the coming years”.
“In the current climate, it is absolutely crucial that we continue to attract more foreign investment, especially in the most promising sectors, so that we can support a strong Dublin economy.”NARPP believes that this announcement by the Government, coupled with other initiatives to support the development of Ireland’s property market, will create the conditions for a boom that will continue for many years to come.
“What’s the housing crisis?
The Government has promised to boost investment in the property sector, particularly in Dublin and the Cork and Slane areas.
However, that could prove a difficult task given the current economic climate.”
There are a number factors that are driving the boom, including:a) rising house prices in Irelandb) the availability and availability of overseas capital, coupled to the availability to purchase propertyc) the fact that foreign buyers are now more of an issued) rising property prices across the countryWhat should you do if you need help buying or selling property in Ireland?”
But the housing bubble will be a major problem for years to follow.
There are a number factors that are driving the boom, including:a) rising house prices in Irelandb) the availability and availability of overseas capital, coupled to the availability to purchase propertyc) the fact that foreign buyers are now more of an issued) rising property prices across the countryWhat should you do if you need help buying or selling property in Ireland?
Read the full articleThe key things to consider when buying or planning to sell property in your area are:How much should I pay for my property?
The best way to buy or sell property is to compare the value of properties around you.
If you need advice on where to buy, check out the Property Guide, which is published by The Irish Independent.
A local real estate agent will tell you how much a property is worth, but that can vary depending on where you live.