Covid-19 not impacting house prices: Daft.ie

The average cost of a home in Dublin has fallen by 2.6% compared with last year, the same fall as in Galway city.

The average cost of a home in Dublin has fallen by 2.6% compared with last year. File picture.

The Covid-19 pandemic has had little effect on house prices so far, according to the latest report from Daft.ie.

The average cost of a home in Dublin has fallen by 2.6% compared with last year, the same drop as in Galway city.

But there has been a rise in the price of a house in Connacht and Ulster overall - with the average unit increasing by 1.6%.

Author of the report Ronan Lyons said this current dip in the economy due to Covid-19 is not comparable with the crash.

He said: "If you look at the crash that happened in '07,'08,'09,'10, then we saw sale prices fall by about 55% on average and rental prices fall by between 25% and 35% on average.

"Now it is not obvious that we are going to see the same thing evolve because this is a real economic shock and so I would suspect that the sale and rental effects would be similar in magnitude rather than very different as they were ten or fifteen years ago."