Home prices in the Republic of Ireland have risen 10.9% in the year to June, with a median selling price of € 320,000 nationwide.
However, a new report from MyHome.ie predicts that Irish real estate demand will slow due to concerns about living expenses and rising interest rates.
The previous edition of the report from MyHome.ie showed that the annual inflation rate was 12.3 percent for the 12 months to March, with the latest 10.9 percent growth slowing nationwide. is showing.
The average asking price was up almost 11% compared to the same period last year, while the price in Dublin was up 7.9%. The median asking price for the capital is currently € 403,000.
Nationwide asking prices also rose 5.3% from the previous quarter.
Elsewhere in Ireland, home prices were up 12.7% above average and the median selling price outside Dublin was € 270,000.
Report author Conal Macoyle, chief economist at Davie, said the second half of this year will make a difference as price inflation slows.
“Double-digit inflation and sharp price increases will give way to greater concerns about affordability, the economic outlook and the impact of the ECB’s rate hike,” he said.
The report suggests that a slight drop in house prices “cannot be ruled out,” but Makoille sees the Irish housing market “repeated double-digit declines and Celtic tiger-era housing collapse.” He said it was unlikely to be.
Demand was still very high, with the agreed average sales period dropping to a record low of 2.6 months. Currently, one-fifth of homebuyers who are approved for a mortgage are unable to secure real estate each year.
The average mortgage approval amount also rose to € 283,700, rising 9.4% annually, surpassing the Celtic Tiger level for the first time.
The number of properties available for sale increased from the previous quarter. This is related to the vendor’s return to the market, according to the report.
MyHome.ie Joanne Geary’s Managing Director said:
“But with some corrections, demand is still far above supply, and this imbalance needs to be corrected to bring normality back to market,” she added.