Review estimates Ireland's housing stock at €511bn

In its second annual review of the value of the Irish Housing Stock, Halifax calculates that the value of Ireland’s private housing stock was an estimated €511bn in 2007.

The value of private houses has shot up by 366% (€401bn) over the last 10 years, but fell by 4% (€21bn) in 2007, reflecting the fall in the market.

The review reveals that Irish cities account for more than one third of the value of the housing stock, at €173bn, and that Dublin homes have increased in value by almost 300% in the past decade.

Greater Dublin accounts for 26% of residences at €132bn, followed by Cork, with 4% at €21bn; Limerick at €8bn (2%); Galway at €8bn (2%) and Waterford at €4bn (1%).

Privately-owned houses were valued at €388bn in 2007 with total outstanding mortgage debt of €123bn, equivalent to just 24% of the value of housing assets — €511bn.

The price tag of houses dropped back to €388bn from €421bn in 2006.

Gabriel Bannigan, head of Halifax, said: “Despite the recent slowdown in the housing market, Ireland’s household balance sheet is in good shape. Irish households have a combined €388bn of equity in their homes.”

Inflation has risen by 43% over the past decade against a 366% increase in the value of the housing.

Over the past 10 years, the increase in the value of the greater Dublin housing stock (297%) has been below the national average (366%).

The review tracks the value of the private residential housing stock at a city and national level in the Republic.

Article courtesy of The Evening Echo