National house prices rise in line with expectations with Dublin market to the forefront

National house prices rise in line with expectations with Dublin market to the forefront

Irish estate agents, Sherry FitzGerald, have announced today that the average value of Irish houses and apartments rose by 2.5% in the second quarter of 2017.

This has brought growth to date to 4.4% in 2017, an increase on the 2.7% recorded in the same period last year.

House prices in Dublin were somewhat ahead of the curve with average values increasing by 2.8% during the second quarter of 2017.

  • Prices in Dublin have grown by 4.7% in the year to date.
  • This is significant when compared with 1.8% in the same period in 2016.
  • The quarterly increase is 2.1% outside of Dublin.
  • House prices for the rest of Ireland increased by 4.1% this year.
  • Galway recorded the highest increase of 4.9% outside of Dublin.
  • Prices in Limerick and Cork increased by 3.4% and 3.1%, respectively.

According to Marian Finnegan, chief economist for Sherry FitzGerald, the increase in house prices reflects a natural uplift in demand along with a significant depletion in the stock of available property on the market in the opening months of the year.

"The reduction in available 2nd hand supply is most noticeable in Dublin, where the quantity of houses and apartments on the market fell by 30% year on year, which explains the upward trajectory in prices.”

The Property Price Register reveals that approximately 10,800 transactions were recorded during the first quarter of 2017 with a total value of €2.8 billion.

Notably first-time buyers accounted for half of all owner occupiers.

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