Irish house prices increase at fastest rate in two and a half years
House prices in the Republic of Ireland have increased by 6.2 per cent in the last two and a half years, while Dublin’s values rose by 4.9 per cent.
Additionally, the annual house price inflation grew to 5.5 per cent in May, which is up from 4.6 per cent in April and -0.5 per cent in October.
The Central Statistics Office (CSO) revealed figures that show the State’s property market is developing due to factors relating to the pandemic, like lower supply and increased individual savings.
Dublin saw the fastest level of growth on an annual basis since late 2018.
A lot of experts predicted property values to decrease because of COVID-19. However, home-working and increased savings, plus ex-pats returning from London after Brexit, to name a few, has led to a rapid rise in house prices.
Commercial property websites and experts are also noticing a more active level of inflation. For example, in June 2021, they estimated prices had risen by 13 per cent in the last year.
However, these statistics come from the asking prices, whereas the CSO’s figures come from their Residential Property Price Index, which comes from actual transactions.
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