The housing market in Ireland had been booming for several years prior to 2007 – but as with many countries in the world – the bubble burst and the price of property dropped back to more realistic levels from 2008 onwards
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 the demand dropped.
As house prices dropped it was a good thing for first time buyers – but people were wary of buying in case prices dropped further.
House prices are still more affordable now than they were in 2006.
The days of buying a house hoping to make a quick profit are long gone – and hopefully will not return. But everyone needs somewhere to live – families grow and need more room or split up and need less.
House prices started rising again in the Dublin areas around 2011 – but in some parts of the country the recovery was slower.
House Prices Ireland – 2015 / 2016
Residential property price increases have slowed down in Dublin compared to 2014. There 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, has continued, with a year on year increase of 10.7% in October 2015, compared to 8.3% in October 2014.
Average house prices vary widely accross the country.
These are the average prices of a 3 bedroomed semi in various locations in Ireland at the end of 2015
Dublin 2 €447,000
Dublin 3 €404,000
Dublin 4 €578,000
Dublin 10 €204,000
Dublin 20 €293,000
North Co Dublin €256,000
West Dublin €256,000
Cork City €197,000
Galway City €178,000
Limerick City €132,000
Waterford City €112,000
Figures according to Daft.ie
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.