2018 was not the best for purchasing real estate in Ireland
The cost of housing in the Republic of Ireland, in which just under 5 million people live, is moving up. In particular, in November 2018, real estate prices rose by an average of 7.1% when compared with the same period of the previous year. Houses have increased their value by 6.8%, and apartments – by almost 10%. November 2017 showed an increase in the cost of housing by 11.2% compared to November 2016. Therefore, the growth rate of housing showed a downward trend.
October 2018 also gave surprises. Housing this month cost more by 8.4% in relation to the same period of 2017.
The main housing market in the country is considered the county of Dublin, in which the city and surroundings are located. The Central Statistical Office of Ireland traditionally calculates data by county region. There are four of them: the capital, South Dublin, Fingal and Dun-Lear-Rathdown.
Therefore, the average county rates are as follows: housing prices rose by 5%, while homes grew by 4.6%, and residential apartments by 6.5 percent. In the Dublin region, Dun-Leair-Rathdown showed the best performance.
The total figure for this administrative county is 6.8%. Fingal in November 2018 grew by only 3.9% compared to the same period of the previous year.
The remaining regions of Ireland cannot boast of a variety of housing. There are mainly townhouses in the run. These are one- and two-story houses for one or several families with separate entrances, garages and small plots of land. Therefore, the proposal for apartments there is practically absent. Consequently, in the rest of Ireland (except for Dublin and its regions) there is no breakdown of the market into apartments and houses.
Therefore, housing the rest of Ireland (without Dublin) in November 2018 increased by almost 10%. At the same time, apartments (which, as stated above, are offered a little) soared in price by 14.5% per year. Townhouses showed a more modest growth – 8.8%.
Real estate in Ireland: historic lows
In any case, it cannot be argued that the value of property in Ireland creeps up every year. On the contrary, housing in 2018 cost 18% less than at its peak – in 2007. Currently, the price of housing in the Dublin region is 20% less than in the same period of 2007. The historical maximum for houses, villas and apartments in the rest of Ireland was recorded in May 2007.
Then real estate cost an average of 22.6% more.
At the beginning of 2013, there was a historic low in housing prices in Ireland. The cost of real estate has since increased by 83.0%, if we take the national average. Houses and apartments in Dublin increased in value by 96% compared to the minimum observed in February 2012. Comparing with May 2013, it can be determined that property prices in the rest of Ireland (with the exception of Dublin) rose by 78%.
Consequently, the most investment-attractive Irish housing was in the period 2012-2013. Now, experts are restrained in further real estate forecasts in the country.
