Within the last 7 years there has been an upward trend for residential property pricing. So far, 2019 has continued to follow this trend, showing significant national growth each month; Dublin seems to stay at or above par in comparison to national average prices.
Although this trend has been upwards, Ireland is still yet to reach the price levels that they had sustained in 2007. The current residential property prices in Dublin still falls at 22.5% lower than the highest period during the early 2000s, while the national values are 18.5% lower.
In 2018, the prices rose a total of 13.3% throughout the year, giving many sellers hope that the trend would continue forward into the following year. From February to March 2019, the prices increased 3.8%. March to April there was a 3.1% increase, which shows a smaller amount of increase, but it is still far from slowing down.
Dublin increased residential prices by 0.5%, leaving house prices and apartment rents increasing by the same 2.2% as the previous month.
It seems that Dublin and the surrounding regions are beginning to rise back to previous prices which will be extremely beneficial for the Irish economy. It will also be beneficial for people who are looking to sell their homes in the near future.
The only problem with these increasing prices is something that is reiterated in almost every article, brexit. Without certainty that the economy will be operating at full capacity after this monumental split, the banks are not willing to extend large loans out to possible home buyers.
This is understandable, they do not want to be stuck with customers who can not afford to pay back their loans, but at the same time this is stifling the housing market causing demand to be high but supply of funds to be low.
Ireland is currently at the highest prices for residential property prices that has been recorded since the depression in 2007, and is still on the incline. Hopefully the issue of Brexit does not send this trend downward again.
