Cork and Wicklow are the most popular rural locations for country home buyers in the €1 million plus price bracket in Ireland, new research shows.
According to the analysis from property consultants Savills Ireland, this suggests that many of those seeking the benefits of country living are also looking to remain within arm’s reach of major cities, be it for shopping and entertainment purposes, prestigious schools or access to good road links and international airports.
Indeed, Savills sales data support this view, with a disproportionate number of transactions located in Dublin and neighbouring counties, and along national arterial routes.
Property price growth in the Irish capital accelerated in April to its fastest rate in eight months, but property prices in the rest of Ireland fell, data showed on Wednesday.
Residential property prices in Ireland increased by 7.4% in the 12 months to March 2016, down slightly from the 8% recorded in February.
The latest data from the Central Statistics Office also show that while house prices are still rising the growth has slowed. In March 2015 the annual rise was 16.8%.
Month on month property prices increased by 0.3% compared with no change recorded in February and an increase of 0.9% recorded in March of last year.
The residential property market in Ireland is set to rebound in 2016 as price momentum has already been growing in the first quarter of the year, according to the latest survey report.
But Dublin is likely to lag behind the rest of the country according to the latest house price survey from MyHome.ie.
The data shows that having declined towards the end of 2015, asking prices for newly listed properties for sale rose by 2.1% nationally and by 0.9% in Dublin in the first quarter of 2016, the first gain in Dublin since the first half of 2015 and follows two quarters where prices declined marginally.
In yet another sign that the residential property market in Ireland is recovering, planning permission for new dwellings increased by over 95% in the final quarter of 2015.
The data from the Central Statistics Office show 4,017 applications were permitted compared with 2,057 units for the same period in 2014, an increase of 95.3%.
Three out of four people in Ireland expect house prices to rise over the coming year according to a new property consumer sentiment survey.
Some 20% of those surveyed said they expected prices to remain static while just 4% said prices will fall, according to the research from property website MyHome.ie.
One in four of those surveyed said they planned to purchase a property in the next 12 months while just under a third said they had no plans to purchase a property and 41% said they were undecided.
Residential property prices in Ireland increased by 8% in the year to February 2016, up from 7.6% in January and an increase of 14.9% recorded in the 12 months to February 2015.
The data from the Central Statistics Office also shows, however, that month on month ere was no change in prices compared with a decrease of 0.5% recorded in January and a decrease of 0.4% recorded in February of last year.
A breakdown of the figures show that in Dublin prices decreased by 0.1% in February and were 4% higher than a year ago. House prices decreased by 0.3% in the month and were 4% higher compared to a year earlier while apartment prices were 4.3% higher when compared with the same month of 2015.
Last year is generally regarded as having been one of growth for the residential property market in Ireland but a new analysis shows how Dublin experienced a slowdown towards the end of 2015.
Overall sales increased by 10% compared to 2014 but a closer examination of the detailed monthly data from real estate firm Savills reveals a very different picture.
Year on year growth in housing transactions fell continuously throughout 2015, slipping from a positive 75% in January to an outright decline of 18% in December. The report explains that this reflects two major policy changes which impacted on demand.
Residential property prices in Ireland are up 7.6% year on year but fell by 0.5% in January, according to the latest index figures to be published.
The data from the Central Statistics Office shows that the annual growth of almost 8% compares with an increase of 6.6% in December and an increase of 15.5% recorded in the 12 months to January 2015.
Month on month, January’s fall of 0.5% compares with an increase of 0.5% recorded in December and a decrease of 1.4% recorded in January of last year.
A breakdown of the figures shows that in Dublin property prices decreased by 1.2% in January and were 3.4% higher than a year ago. Dublin house prices decreased by 1.1% in the month and were 3.2% higher compared to a year earlier while apartment prices were 4.8% higher when compared with the same month of 2015.
Property values increased across all regions in Ireland in 2015 and that trend is likely to continue in 2016 according to the annual residential property review and outlook report from the Society of Chartered Surveyors Ireland (SCSI).
SCSI members expect the price of an average three bedroom semi-detached property to increase by between 4% and 8% in 2016 depending on location.
According to the national survey of over 700 estate agents and chartered, property values are estimated to have risen by approximately 8.8% nationally in 2015 but to have moderated to 4.8% in Dublin. In 2014 Dublin property values rose by 19.5%.
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