The price of a three-bedroom semi-detached house in Ireland has reached its highest level since the Celtic Tiger era, according to the latest figures from the Central Statistics Office (CSO). The average price of a three-bed semi in the country now stands at €300,000, up from €275,000 a year ago.
The CSO’s House Price Index shows that house prices have been rising steadily in recent years, with the average price of a house in Ireland now up by 13% since 2015. The rise in prices has been driven by a number of factors, including strong demand from buyers, a shortage of supply, and low interest rates.
The CSO’s figures also show that house prices are rising faster outside of Dublin than they are in the capital. The average price of a three-bed semi in Dublin now stands at €504,167, up from €485,000 a year ago. However, the average price of a three-bed semi in the rest of the country now stands at €250,000, up from €210,000 a year ago.
The rise in house prices outside of Dublin is being driven by a number of factors, including increased demand from buyers who are priced out of the Dublin market, and the government’s Help to Buy scheme, which offers grants to first-time buyers.
The rise in house prices has been welcomed by some, such as homeowners who are seeing the value of their assets increase. However, it has also been criticised by others, such as first-time buyers who are struggling to afford to get onto the property ladder.
The government has said that it is aware of the challenges facing first-time buyers and is committed to making housing more affordable. The government has introduced a number of measures to help first-time buyers, including the Help to Buy scheme and the Rebuilding Ireland plan. However, some critics argue that the government needs to do more to help first-time buyers, such as providing more affordable housing and increasing the supply of new homes.