Annual house price inflation has risen by over 1% in the Republic of Ireland despite the impact of Covid-19, analysis from leading property website MyHome.ie and Davy shows.
Asking price inflation rose by 1.2% nationally compared with Q2 2019, by 0.3% in Dublin, and by 1.5% elsewhere around the country.
While the February data suggested a continued stabilisation in the market in the first two months of the year, Ireland introduced a series of restrictions in March to contain the virus, including a stay-home order, in place until May 5.
The number of property sales in Cork rose by 5.9% in 2019 compared to the year before, though there were 2.2% fewer in Dublin, MyHome.ie’s analysis of the Property Price Register has revealed.
The Republic of Ireland economy is set to grow at a slower rate next year, economist Petrox Petros Varthalitis of the Economic and Social Research Institute has predicted.
Annual Irish house price growth slowed to a more than six-year low of 1.1% in September as the number of homes built in the third quarter rose 22% year-on-year in a long overdue supply response, data showed on Thursday.
Asking prices in Ireland increased by just 0.3% year on year in the 12 months to the end of September and fell by 2.8% quarter on quarter, and are expected to reach zero by the end of 2019.
There was a 1.2% rise in residential property sales in the commuter Counties around Dublin in the first half of 2019, but transaction values fell by 0.6%, the latest analysis shows.
The national average re-build cost in Ireland has increased by an average of 6% over the past 12 months, according to the latest house rebuilding cost guide.
Property prices in Ireland are still rising, up 2.3% in the year to July 2019, but down significantly on the 10% rise recorded in the 12 months to July 2018, the latest index shows.
There has been a significant shift in consumer sentiment regarding house prices In Ireland in the last year, with nearly twice the number of people believing prices will fall over the next 12 months.
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