Friday 24 November 2017

Daniel McConnell: How the capital's bubble is giving us a false picture

Experts predict prices in the city will continue to surge as the rest of the country collapses

Daniel McConnell

Daniel McConnell

A chronic shortage of three- and four-bed family homes in the Dublin area is responsible for the emergence of a new price bubble in the capital. New figures obtained by the Sunday Independent reveal the supply of houses on the market for sale in Dublin so far in 2013 is "barely half" of what was available during the period of 2008 to 2011. They also show a major drop in the number of planning permissions granted since the crash, meaning another potential property crisis is looming.

Last week, the Central Statistics Office published a report saying that property prices nationally increased for the first time since 2008, but an in-depth analysis of the property market in Ireland reveals the new emerging bubble in Dublin is grossly distorting the national trend.

Across the country, the number of available properties for sale so far in 2013 has fallen by 33 per cent from 60,000 in 2011, to 41,000 at the end of June.

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