The Irish property market has been a topic of discussion in recent years, with constantly rising prices making it difficult for many to get on the property ladder. However, this trend seems to have come to a halt as the average asking prices for homes in Ireland have fallen for the first time since 2013. This news is sure to be of great interest to potential buyers, sellers, and industry professionals alike, as it may signify a shift towards a more affordable and accessible housing market. In this article, we will explore what has caused this drop in prices and what it could mean for the future of the Irish property market.
According to the latest Daft.ie housing market report, home asking prices in Ireland decreased by 0.3% in the first quarter of the year, marking the first national decline in prices between January and March since 2013. However, the report indicates that the supply of homes to the market continues to slow down despite some slight improvements. The average asking price for a house in Q1 was €308,497, showing a 2.7% increase compared to the same period in 2022, despite the marginal decline observed at the end of last year and March. In Dublin, asking prices fell by 0.4%, while in Cork, they decreased by 0.5% quarter-on-quarter. In Waterford City and Galway City, asking prices decreased by 0.8% and 1.5%, respectively, while in Limerick City, the prices remained stable quarter-on-quarter. Outside the cities, prices in Leinster and in Connacht-Ulster fell by roughly half a percentage point over the quarter, but rose in Munster by 0.6%. Although the number of houses available to buy stood at 13,000 on March 1st, up 30% on the same date in 2022, the stock of properties remains “significantly below” the 2019 average. The change in market conditions over the past year is “clear” from the report, according to its author Ronan Lyons, Associate Professor of Economics at Trinity College Dublin, who stated that “a year ago, double-digit inflation in housing prices was still prevalent across much of the country.”
In conclusion, the recent drop in asking prices for homes in Ireland has come as a surprise to many in the property market. While it may be a temporary blip, it does present an opportunity for buyers to enter the market at more affordable prices. As always, it’s important to do your research and seek professional advice before making any property investments. Keep an eye on the market and be ready to act quickly if the right opportunity arises. Whatever the future holds for the Irish property market, it’s clear that there will always be ups and downs – but with careful planning and a little bit of luck, investors can still find success in the long run.
