Surge in property prices likely in Cork, Galway

The sudden property price surge engulfing Dublin will hit Cork and Galway within the next 18 months unless similar supply and demand pressures are addressed.

Dermot O’Leary, chief economist at Goodbody Stockbrokers, made the prediction amid concerns that a lack of vacant properties is creating a fresh bubble.

In the past year, Dublin property prices have soared by up to 24.6% (€82,194) compared to a 1.4% (€2,047) average elsewhere.