Thinking of buying or selling a property in Ireland below are the recent figures for house prices this year.
- Overall: Home prices in Ireland dipped nationwide in Q2 2023, according to the experts. The national average price of a home fell by 0.3% in the quarter, to €305,000. This was the first quarterly decline in prices since Q4 2021.
- Dublin: Home prices in Dublin also dipped in Q2 2023, by 0.8%. The average price of a home in Dublin fell to €541,000 in the quarter.
- Outside Dublin: Home prices outside of Dublin rose by 0.2% in Q2 2023. The average price of a home outside of Dublin was €250,000 in the quarter.
- Factors: There are a number of factors that could be contributing to the decline in home prices in Ireland. These include:
- The rising cost of living: The cost of living in Ireland has been rising steadily in recent years, which is putting pressure on household budgets. This could be making people less willing to buy homes, especially at current prices.
- The rising interest rates: Interest rates in Ireland have been rising in recent months, which is making it more expensive to borrow money to buy a home. This could also be deterring some buyers.
- The increasing supply of homes: The number of new homes being built in Ireland has been increasing in recent years, which is putting upward pressure on supply and downward pressure on prices.
- Outlook: The outlook for home prices in Ireland in 2023 is uncertain. Some analysts believe that prices could continue to decline in the coming months, as the aforementioned factors continue to weigh on the market. Others believe that prices could start to stabilize or even rise, as the supply of homes begins to catch up with demand.
It is important to note that the housing market in Ireland is very volatile, and prices can fluctuate significantly from month to month. Therefore, it is difficult to make accurate predictions about future price movements.
If you are considering buying a home in Ireland, it is important to do your research and speak to a mortgage broker to get an accurate idea of what you can afford. You should also be prepared to act quickly, as homes are often sold very quickly in Ireland.