Surge in Cork prices

IN line with the national trend, Cork's house market saw a strong pick-up in prices in the first-half of this year, while rents have finally stabilised after years of strong growth.

Strongest demand was from investors and first time buyers - the middle and upper end of the market remained more or less stable.

That’s according to research from Sherry FitzGerald, which indicates “a robust period of expansion in the first six months of this year,” according to economist Marian Finnegan.

Her comments came as the property market seems to have hit a strong Summer lull with pent-up demand sated in many cases and the World Coup taking people’s eye off the property ball in favour of a smaller one.

The average price of a second-hand house in Cork rose by 7.6% in the second quarter of the year, she said.

This brought the total increase for the year to date to 11.4%.

Taking last year’s slight slippage in prices into account, year-on-year growth was 9.6%.

Despite the current lull and a marked shortage of quality property hitting the market, Sherry FitzGerald’s Ms Finnegan forecast that price growth for 2002 could approach 15 to 20%.