Ireland’s already booming property prices are showing no signs of slowing down, new figures show.
The latest data released by Ireland’s Central Statistics Office (CSO) reveals that the national average property price in Ireland rose by 11.6 percent in the year to June 2017.
Earlier this month, a report by Standard and Poor’s found that property prices in Ireland are expected to grow faster than those in any other EU country by the end of the year. These latest figures from the CSO certainly back up this forecast, especially as it’s not just in capital Dublin where prices are rising; although prices in the capital did rise by 11.1 percent in the 12 months to June. Prices in the rest of Ireland were 11.8 percent higher in the year to June. The biggest price growth was see in the South East at 16.7 percent. The slowest growth was in the Mid-West at 8.4 percent.
Aside from improving economic conditions in the country, Brexit is also seen to be having a positive impact on Irish property prices. The UK’s decision to leave the European Union has led to an increasing number of overseas investors being put off from investing in the country. Given its proximity and cultural similarities, Ireland has therefore become an increasingly popular destination for investors, and this in turn has led to property price increases.
The average market price paid for a property in the 12 months to June 2017, was 258,544 Euros. However, in Dublin, the amount was much higher, at 401,890 Euros. The cheapest property prices are found close to the Northern Ireland border, with the border region seeing an average sales price of 122,091 Euros.