Residential property outside of the capital is leading Ireland’s price growth

House prices rose across Ireland in the year to February 2017, predominantly led by increased prices in the west of Ireland.

Data published by the Central Statistics Office (CSO) shows house prices increased year on year by up to 20% in areas to the west of Ireland such as Galway, Roscommon and Mayo.  This is over double the average house price increase recorded in Dublin over the same period.

Experts claim it was the high demand from buyers which fuelled the surge in property prices in the west of Ireland, as they seized the opportunity to take advantage of good value residential property.

Official data records show that house prices in the west of the country remain 30% lower than the peak reached before he credit crunch in 2007.  However, as demand for property outweighs supply, the Institue of Professional Auctioneers & Valuers believe prices will continue to rise for the foreseeable future.

Chief executive of the Institute of Professional Auctioneers & Valuers, Pat Davitt, said: “there are only a few large operators building residential property in Dublin city.  This lack of competition is fuelling price growth and also dictating a tendency to build in areas that can command higher prices”.

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