The housing market in Ireland had been booming for several years prior to 2007 – but as with many countries in the world – the price of property has dropped back to more realistic levels.
Ireland’s house price growth up to 2007 was one of the highest in Europe. With mortgage rates being low, the ecomomy and population growing – demand for housing soared. The problem is that too many houses were built and now the demand has dropped.
As house prices drop it is a good thing for first time buyers – prices are more affordable now than in 2006. Maybe 2016 could be a good time to buy.
The days of buying a house hoping to make a quick profit are long gone – and will probably never return. But everyone needs somewhere to live – families grow and need more room or split up and need less.
The only alternative to buying is renting – but in many places in Ireland the rental costs are more than the mortgage repayments on an equivalent property. Renting long term is usually a money losing option.
House Prices Ireland – 2015
Residential property price increases have slowed down in Dublin – ther was a year on year rise of 4.5% in October 2015, compared to 24.2% in October 2014.
The recovery in residential property prices outside Dublin, which was previously less strong than in the capital, continued, with a year on year increase of 10.7% in October 2015, compared to 8.3% in October 2014.
Residential property transactions decreased in the third quarter
of 2015 by 1.4% , following a few years of sustained increases.
Selling Your Property :
Estate Agents fees can be as much as 2.5% in some places – others may charge as little as 1%. Some auctioneers and estate agents have a no sale no fee policy – but this seems to be less common in Ireland than the UK and many of them charge a fixed fee upfront to cover advertising costs and web site listings even if they don’t sell your house.