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News : Property Last Updated: Jan 6, 2014 - 5:46 AM

Irish House Prices: Asking prices in Dublin commuter counties stabilised in 2013
By Finfacts Team
Jan 6, 2014 - 5:43 AM

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Irish House Prices: Asking prices in counties Meath, Kildare and Wicklow changed by less than 1% over the course of 2013, as prices in bordering county Dublin rose by 11%, according to the 2013 House Price Report released today by property website Daft.ie. Dublin's double digit growth has seen the national average asking price rise over the course of a year for the first time since 2007. The average national asking price is now €171,000, up 0.2% from the beginning of 2013 and down 55% from the peak.

Dublin's performance masks the fact that prices continued to fall in every other part of the country, including the other city centres, which experienced drops of 4% in Galway, 6% in Cork, 7% in Waterford and 12% in Limerick. On average, prices outside of Dublin fell by 6% in 2013, the smallest annual decline in five years.

Commenting on the report, Daft.ie's spokesman, Kieran Harte said: "The report shows that the areas surrounding Dublin are seeing their prices stabilise before the country's other city centres. This would lead us to believe that the shortage of available properties in Dublin is not only significantly affecting house prices in the capital, but starting to impact the traditional commuter counties.

The tale of 2013 was definitely the lack of supply in sales, rental and shared accommodation in the capital. This lack of accommodation across all sectors has had a major influence in Dublin's asking prices returning to 2007 percentage increases. The only solution is to begin planning and building new accommodation in the capital which will cater for the demand created by the creation of jobs there."

Ronan Lyons, economist, comments in the report: "Recently, Irish politicians and policymakers have expressed concern about rapidly rising house prices. This is encouraging, as it signals an end to the mentality of perceiving house price rises as a good thing. However, as the government prepares to act, it must remember that its previous interventions brought costs, not just benefits. In a market as important as housing, which is the largest chunk of the CPI basket and the biggest asset in most households' portfolios, regulation is required - but it must show an understanding of how housing markets work.

While the exact timing of housing market cycles may forever stump households, policymakers and economists, the underlying economics is straightforward. House prices are the result of three forces: demand and two types of supply, the supply of credit and the supply of dwellings. Demand for accommodation reflects broader economic conditions, in particular the jobs market. Any government that wants to stimulate demand for housing in a meaningful sense must look at jobs."

Report [pdf]

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