Saturday 1 October 2016

Dublin property stalls as rest of country soars

Published 21/12/2015 | 02:30

The Irish Independent Real Estate Alliance price survey, published today, shows significant falls in Dublin property prices over the last year. But in the rest of the country the opposite has happened. Photo: Bloomberg
The Irish Independent Real Estate Alliance price survey, published today, shows significant falls in Dublin property prices over the last year. But in the rest of the country the opposite has happened. Photo: Bloomberg

The property price trend is usually the other way around. But we live in extraordinary times where the capital's spiralling rents are a huge influence in a property market still suffering the after-effects of boom and bust.

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The Irish Independent Real Estate Alliance price survey, published today, shows significant falls in Dublin property prices over the last year. But in the rest of the country the opposite has happened.

The findings suggest that the Central Bank's tight lending rules are acting as a damper on Dublin prices. But so too are spiralling rents, which have gone up by about 10pc over the last year.

These two factors leave many young would-be first-time buyers in a double-bind. High rents restrict their ability to save the larger deposits demanded under new rules.

By contrast the news is better for home owners in other larger centres and in Dublin's outer commuter belt. At long last property prices have begun to recover.

The mixed outcome shows the need to continue building larger numbers of suitable houses in Dublin and elsewhere.

Irish Independent

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