Irish house prices are expected to rise by as much as 15% in 2018 but estate agents are predicting average price hikes of 8% across the country. This is according to The Sunday Times Property Price Guide 2018 which was published yesterday.
The report surveys estate agents and experts from across 70 regions throughout Ireland, including every city, county and Dublin’s 22 postcodes. From detailed interviews and figure compilations, it provides an in-depth analysis of the Irish residential property market.
The report shows that Dublin estate agents are predicting price hikes of between 5-10% in 2018, although some postcodes – such as Dublin 4 and Dublin 12 - could see price values rise by as much 15% in the year.
The report predicts a lack of supply will continue to drive prices forward, but new homes are on the way in developments such as No 6 Hanover Quay and Boland’s Quay in the Dublin Docklands, Temple Woods on the old Cuckoo’s Nest pub site in Dublin 24 and Ardilaun Court in Raheny.
Cork city is also set to experience another busy year with values estimated to rise by 8-10%. Demand far outstrips supply at present but new developments are expected to relieve some pressure.
The report also predicts that house prices in Limerick city’s suburbs could rise by as much as 20% in 2018, but agents are reluctant to predict massive price hikes for the rest of the city and county. Values have experienced gradual growth in the area over the past couple of years despite the lack of supply in the market. Home owners can expect their house values to increase by another 5% this year.
Residential properties in Galway city increased by 15% in 2017. Agents expect more of the same in 2018 with little supply coming on the market. While values could increase by as much as 15% in Salthill, other areas of the city can expect up to 8% added onto the value of their homes.
Of all the counties, Donegal’s outlook is the worst as Brexit uncertainty and a reduction in purchasers from across the border hamper sales. Agents don’t expect any increase in house values in 2018.