House and apartment asking prices are increasing at an annual rate of 7%, according to the latest quarterly analysis by property site MyHome.ie and Bank of Ireland, reports RTE.
The report notes that outside Dublin, asking prices are climbing by 7.9%, while in the capital, the rise stands at 5.1%.
It also revealed that the average mortgage approved in May was €337,000—an annual increase of 6.7%, reports RTE.
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According to MyHome.ie, the standard residential property is now selling for 7.5% above its initial asking price.
“Uncertainty following President Trump’s announcement of ‘Liberation Day’ tariffs hasn’t been sufficient to dent Ireland’s housing market,” said Conall Mac Coille, chief economist at Bank of Ireland, reports RTE.
“Another factor at play is the loosening of the Central Bank mortgage lending rules. The average first-time-buyer borrowed 3.4 times their income in 2024, up from a 3.2x multiple in 2022. This change has pushed up house prices by €15,000 to €20,000,” he added, reports RTE.
Mr Mac Coille expects some gains in the number of homes completed this year but warns that output will still be “well short of 50 – 60,000 units required”, reports RTE.
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