June 19, 2024 – The latest figures from the Central Statistics Office (CSO) show that house prices in Ireland have risen sharply, now sitting 10% higher than their previous peak during the housing boom. Over the past 12 months, residential property prices have increased by an average of 7.9%, the fastest growth rate seen in 18 months.
This significant rise presents an excellent opportunity for homeowners considering selling, as it signals a competitive and robust market. With property prices continuing to climb, sellers can expect potentially higher returns. Increased demand, particularly from non-household buyers like government bodies and investment funds, has further bolstered the market.
In Dublin, 57% of new home purchases have been made by state entities and investment groups, driving up demand and providing further momentum to the property market. This trend is expected to persist, making it an ideal time for sellers to capitalize on rising prices.
Dermot O’Leary, chief economist at Goodbody, pointed out that house price growth is in line with rising incomes, suggesting that these increases are not excessive. With strong economic factors in play, the outlook remains positive for both sellers and investors.
McCay Legal is well-placed in both the residential and commercial real estate conveyancing market in both Northern Ireland & Republic of Ireland, to assist homeowners and investors during this time of opportunity. As the North West continues to grow, with projects like the new A5 road opening up the region for business. The infrastructure improvements and increased connectivity further enhance the area’s appeal for both cross border residential and cross border commercial real estate transactions.
McCay Legal have a strong experiences team of conveyancers with many years of experience in cross border transactions. Whether you are buying or selling your property or building a bespoke or substantial housing development on either side of the border, we are here to assist you in capitalising on your investment potential.
For further information, please contact: McCay Legal, Tel: 02871 371705