John Fahey: Pent-up demand adds to mismatch for Irish housing market

Prices outside of Dublin are still rising at a faster pace than in the capital, probably boosted by hybrid work practices

Last year, some 20,500 new residential units came on stream, according to the CSO. 

The trend of accelerating residential property prices that was ever present throughout 2021 has carried over into the start of this year. The most recent official data on house prices showed that prices rose by 0.9% in January from December and the year-on-year rate accelerating to 14.8% from 14.3%. In January 2021, house prices were rising by 2.5% in the year. 

An analysis of asking price data, which are more indicative of current market conditions, suggests a further momentum in prices in the first quarter.