Goodbody’s: Property rebound will be ‘multi-speed’
IRELAND’S spectacular property market crash has bottomed out and has now begun a gradual recovery, a new report claims.
The rebound will be "multi-speed", with Dublin leading the way in house price rises in the coming years, says Goodbody Stockbrokers.
Dermot O'Leary, chief economist with Goodbody's, said a new cycle was beginning after the biggest bust since the 1970s.
"The market has turned but it is largely a Dublin affair, with prices rising at an annual pace of around 8%, whereas prices continue to fall outside the capital," he said.
"Oversupply is still a factor in certain parts of the country, but in the Greater Dublin area, it is the shortage of appropriate supply that is pushing prices upwards."
Despite the scale of the crash, Mr O'Leary said residential property prices are not the cheapest in history relative to incomes.