Cork and Kerry need 7,670 homes each year to meet demand

Ann O'Mahony: There were only 1,630 second-hand homes available for sale in Cork City and County

The Irish residential market is characterised by supply-side challenges and ever-increasing demand. This has led to an uptick in the pace of price inflation in the first nine months of the year.

Interest rates, which peaked in September 2023, remained elevated for much of 2024. However, the European Central Bank has begun to cut rates in recent months, reflecting more favourable consumer price data. Further cuts are expected, which are likely to put more upward pressure on residential prices in the year ahead, as rate cuts are passed onto mortgage applicants.