Property Advice: Should you buy or rent?

Glass half full? Dublin's Glass Bottle site is delivering 4,000 new homes

Hi Majella,

We are a couple in our late twenties renting an apartment in Waterford. We have a decent relationship with our landlord so are fairly happy with our situation. Well, as happy as anyone renting in Ireland is. 

The issue is friends of ours in Dublin were also renting — paying higher rent of course — but were told by their landlord that he was moving back to Ireland and they would need to vacate the property. While they will have some time they are really going to struggle to find another place in that area. It has highlighted to me how dependent we are on our landlord’s situation. 

For example, if he needs our apartment for a family member we could find ourselves in the same situation. We have been busy saving for our own place for four years and have built up significant savings. The problem of course is that we are playing catch up with constantly rising house prices. Some people are now saying that can’t last and that a property crash and/ or an economic crash is coming. My partner thinks we’re better holding off, but I’m not so sure and anxious we’ll be left behind. Should we go for it now and just put everything we have into buying a property or keep on saving and make our move when the crash comes?
Thanks, Leanne

Hi Leanne,

Thank you for your question. The first thing I’d say is you’re far from alone. So many renters — especially couples in their twenties and thirties — are trying to plan ahead in a market that feels anything but predictable. Even when things are going well with your landlord, there’s still that worry in the back of your mind: ‘What if he needs the place back?’ ‘What if circumstances change?’ ‘What happens to us then?’

You’ve already seen it happen to your friends in Dublin, and it’s a perfect example of how quickly things can shift. One change in the landlord’s life and suddenly the tenants are packing their bags, searching for a home in a market where supply is shrinking and rents keep edging upward. Even with time to move, the stress is enormous — and it sounds like watching your friends go through that has made you acutely aware of how dependent renters are on someone else’s decisions.

And you’re absolutely right to be thinking about the ‘what ifs?’ The rental market is tightening. With so many landlords expected to sell when the new legislation comes in March, availability is likely to decrease even further. Fewer rental properties means more competition, fewer choices, and higher vulnerability for tenants. You might have a great landlord now — and that counts for something — but security-wise, renting just doesn’t offer long-term certainty.

All of this naturally leads to the question you’re wrestling with: Is now the right time to buy, or should you hold off in case prices drop?

Your partner thinks waiting might be the safer option. You, on the other hand, are worried that delaying could leave you further behind as prices continue to rise. These are very normal, very understandable concerns — and thousands of first-time buyers are having the exact same debate at their kitchen table every week.

So let’s unpack it properly, starting with the big question: Is a crash coming?

I’d love to tell you that house prices will fall neatly and you can swoop in at the perfect moment, but that’s simply not what the data is showing. And while I don’t have a crystal ball, what we do have is strong evidence about where the market is heading.

Right now, Ireland is dealing with a structural shortage of homes. There is huge demand and simply not enough supply. This isn’t a temporary imbalance; it’s a long-term issue. The recent report from the Department of Finance — released only last week — put it very clearly: Ireland is at least 15 years away from supply and demand being in balance. That’s assuming we build 60,000 homes per year. Last year, we built only about 30,000. In other words, we’re running at half-speed while demand continues full throttle.

When supply is this tight, prices tend to keep rising. Not dramatically every month, but consistently. And according to long-term projections, prices in Ireland are not expected to peak until the early 2030s. So despite the headlines and online chatter about crashes, the fundamentals don’t point towards one anytime soon.

To put it into perspective, since 2015 property prices have risen by 91%. Rents have also climbed — up 78% in the same period — but renters don’t gain any long-term security or asset value from that increase. Inflation during that time sits at about 22%, so the cost of living has risen too, squeezing renters even further.

So when you ask whether it might be better to hold on and wait for prices to fall, the question becomes: fall to what? And when? Nothing in the current landscape suggests a significant drop — not when demand remains strong, construction labour is scarce, household sizes are shrinking, and population continues to grow.

But while the big economic picture is important, the most crucial part of this decision is your personal situation. Let’s take stock of what you’ve told me:

• You’re a couple in your late twenties;
• You’ve been renting for a while;
• You’ve built up significant savings over four years;
• You’re thinking long-term.

Those are strong building blocks for homeownership. The next step is getting clarity on your borrowing capacity. Have you spoken to a bank or mortgage broker yet? Even a quick conversation can be eye-opening. Many couples discover they’re much closer to being “mortgage-ready” than they assumed.

Then come the supports — and they really can make a difference. The Help to Buy scheme, the First Home Scheme, and green mortgage incentives — these aren’t small bonuses; they can fill meaningful gaps between your savings and the purchase price. A lot of first-time buyers underestimate how much these schemes can help.

And this brings us to a very important point: renting is a wasting asset. Every month of rent brings you no closer to owning a home. Every mortgage payment, on the other hand, builds your equity and creates long-term stability.

But buying isn’t only a financial decision — it’s a life decision. So start by asking:

• Are we planning to stay in Waterford long-term?
• Are our jobs secure?
• Would buying now suit our lifestyle and future plans?
• Do we want the peace of mind of knowing the only person who can ask us to leave is ourselves?

If the answers lean towards yes, then the case for buying becomes stronger.

Waiting for a crash that may not come could actually push the goalposts further away. If prices rise faster than your savings grow — and that’s been happening for years — then delaying makes the challenge bigger, not smaller. And in the meantime, you remain vulnerable to the uncertainties of the rental market.

You’re doing everything right: you’re saving, you’re thinking ahead, and you’re trying to make a rational decision in a very emotional environment. It’s not easy. But from both a market perspective and a personal-security perspective, there’s a strong argument for moving forward if you’re able to. With a good deposit, access to grants, and a borrowing capacity that suits the kind of home you want, buying now could give you both the stability and the long-term value that renting simply can’t offer.

Whatever you decide, make sure it’s based on facts, not fear — and on what’s right for your future, not someone else’s timeline.

Majella Galvin is Chair of the Membership and Public Affairs Committee of the Society of Chartered Surveyors Ireland. A chartered surveyor, estate agent and registered valuer at DNG Galvin Auctioneers Bandon, she has been working in the property sector for over a decade - www.dnggalvin.ie If you have a property-related query or issue you would like to raise with Majella, please email [e-mail]