| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

Home 
 
 News
 Irish
 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 International
 Property
 Innovation
 
 Analysis/Comment
 
 Asia Economy

RSS FEED


How to use our RSS feed

Follow Finfacts on Twitter

 
Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.

Welcome

Finfacts is Ireland's leading business information site and you are in its business news section.

Links

Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Irish Economy

Global Income Per Capita

Global Cost of Living

Irish Tax - Income/Corporate

Global News

Bloomberg News

CNN Money

Cnet Tech News

Newspapers

Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News

 

Feedback

 

Content Management by interactivetools.com.

News : Property Last Updated: Jan 2, 2014 - 7:54 AM


Irish House Prices 2014: Dublin main challenge as asking price gulf surges to 28%
By Finfacts Team
Jan 2, 2014 - 7:52 AM

Email this article
 Printer friendly page

Irish House Prices 2014: The weak supply of new houses in the Dublin region will be one of the main challenges facing the property market in 2014 according to the author of the latest house price survey from MyHome.ie. An asking price gulf  between a mix of asking prices nationally and in the capital, has risen from 17% a year ago to a 28% price differential now.

Caroline Kelleher of  DKM Economic Consultants says the Dublin property market turned a corner in 2013, with prices first stabilising and then rising from Q2 2013 onwards. But prices outside Dublin have further to fall.

“The market turned in Q2 when the year on year change in mix adjusted asking prices in Dublin entered positive territory for the first time in 6 years. While the rate of decline in prices nationally continued to moderate throughout 2013, price increases in the capital, due in large part to a shortage of supply, has meant the divergence between Dublin and the rest of the country is growing and looks set to widen further in 2014," Kelleher said.

The latest figures shows that the annual mix adjusted average asking price in Dublin rose by 2.4% last year, the largest annual increase in seven years, while the average asking price in Q4 rose by 0.6% to €241,000.

Nationally the mix adjusted asking price continued to show moderation in the rate of decline, down 0.9% in Q4. This is the lowest rate of fall in the past six years.

The mix adjusted asking price nationally now stands at €189,000 down 5.6% on a year ago. There were further signs of price stabilisation in Cork where median asking prices remained unchanged in the city and county throughout the year.

Angela Keegan, managing director of MyHome.ie said: "Currently there are approximately 3,000 properties on sale in Dublin - - down 30% from the same time last year. We are also seeing very low volumes of house building and planning permission being granted for apartments, when there is a clear demand for family homes.

Dublin dominates the property market with over a third of all transactions so clearly we need to see the Government and the relevant local authorities taking action. The price increases we are seeing in Dublin are unsustainable over the medium term and we don’t want to see the same pattern emerge in Cork and Galway. The banks also need to address the mortgage arrears issue and free up properties so people can get on the property ladder.”

The average time to sale agreed is 3 months in Dublin, 5 months in Galway, 6 months in Cork, 7 months in Waterford and 10 months in Limerick.

The CSO reported on December 23: "Residential property prices grew by 0.6% in the month of November. This compares with an increase of 1.8% recorded in October and an increase of 1.1% recorded in November of last year.

In Dublin residential property prices grew by 1.3% in November and were 13.8 % higher than a year ago. Dublin house prices grew by 1.4% in the month and were 13.1% higher compared to a year earlier. Dublin apartment prices were 20.7% higher when compared with the same month of 2012. However, it should be noted that the sub-indices for apartments are based on low volumes of observed transactions and consequently suffer from greater volatility than other series."

MyHome.ie Barometer report [pdf]

Check out our subscription service, Finfacts Premium , at a low annual charge of €25

Related Articles
Related Articles


© Copyright 2011 by Finfacts.com

Top of Page

Property
Latest Headlines
Irish residential rents rise 9% as students face tight market conditions
Irish construction activity growth eased in July
Irish residential property prices fell in Dublin in June
Irish mortgage approvals growth fell sharply in April 2015
Irish land prices among highest in world; Noonan tax cut boosts Dublin prices
AIB cuts Irish variable mortgage rates
Dublin residential property prices rose by 1.1% in March
Global property bubble: Dublin tops 2014 global returns at 44.7%
New Irish housing units in 2015 forecast at only 10,000
Ireland: Dublin house prices up 21% in year to February 2015 after price decline in month
Prime office rents in Dublin to rise by up to 31% in 2015 after 29% surge in 2014
Irish mortgages paid in 2014 at 1976 level; Half of house sales paid in cash
Irish residential property prices fell 1.4% nationwide in January
Irish House Rents: Supply tightens in Dublin's commuter counties in Q 42014
Irish commercial property returns in 2014 among highest in world
Irish Housing: "Unique" demographics to boost demand; Shortages to rise
Irish mortgage approvals in 2014 at 36-year low; Exceed paid loans
Irish commercial property investment in 2014 was 25% above bubble peak in 2006
Irish construction continues to rise from very low base
Irish house asking prices fell back slightly in fourth quarter of 2014
Price/Earnings multiple for Dublin houses is double 1993 level
Residential property rents up almost 10% in Dublin in past year
Irish Government and vested interests lobby for easing of Central Bank's mortgage rules
Ireland tops global property price rankings six years after bust
Number of Irish mortgages paid in 2014 at 1974/75 level - a 40 year-low
Irish construction PMI survey confidence measure highest since 2000
Irish mortgage arrears decline; 38,463 BTL accounts in arrears
Irish Housing: Renting provides less security than ownership, unpredictable rents
Ireland: NAMA to redeem €1bn of senior bonds; Fund Boland’s Mill site development
Ireland: 35,000 social housing units by 2020 achievable; Rental market possibly not
Dublin house prices up 24.1% in year to October 2014
Irish home ownership to fall due to affordability
'Tara Collection' of office buildings on sale in Dublin for €263.8m
Irish Housing Rents 2014: Dublin just 10% short of 2007 bubble peak
Irish Economy: Residential mortgage approvals in 2014 as low as in 1977
Irish Construction: Fastest rise in new business for decade - not level of activity
Biggest US individual landowner responds to tax breaks in Ireland and UK
Irish commercial property annual return to September 2014 at 36.6% - income at global high
NAMA expects surplus of less than €500m - it's not a profit; 88.5% sales to US investors
NAMA selling 588 Dublin apartments - name withheld in announcement