Irish house prices have risen above market expectation again in 2004. The Bank of Ireland’s quarterly “Irish Property Review” proves that the anticipated market slowdown in 2004 has not been forthcoming - in fact quite the contrary is true. Price rises of up to 22% in some areas of Ireland have been reported.
On average the price gains are in the region of 10% across the country. More specifically, average gains of 8.8% have been reported in Dublin, 18.7% is the average for Cork, 12.8% in Galway and an incredible 22% gain in property market prices in Limerick.
Moving towards 2005 price gains are projected to rise by an average of 6% next year.
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The continued strength in the Irish property market has surprised analysts and is under pinned by a number of factors.
Firstly, the Irish population has grown by 1.6%, which is five times higher than the EU average - increasing demand in the property market place.
Secondly, employment opportunities in Ireland are increasing with average income growth set to exceed 5% for 2004 meaning that more people are in a financially stable position and able to consider first time buying or moving up the property ladder.
Thirdly, interest rates in Ireland remain at 50 year lows making borrowing more affordable for more people.
And finally, the pathetic ‘growth’ performance across the Eurozone means that interest rates are likely to remain low for the foreseeable future affording people longer term economic and household budgetary security from which they can make considered buying decisions.
It looks like it is still the time to buy real estate in Ireland then!
