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15th January 2018
11:20am GMT
Local agents are predicting that property values will rise by 8% in Dublin and 7.5% throughout Ireland in the coming year.
This news comes after figures for the Q4 Real Estate Agents (REA) Average House Price Index were released on Monday.
While prices in the capital’s postcode areas have risen by 12.5% in 2017 and stand at €438,000, the Q4 increase of €6,500 is over 60% down on the Q3 rate of 4.1%.
With more new homes developments coming to market, REA agents in the capital see buyers opting to pay a premium for modern build standards and the certainty of a selling price.
"With housing commencements expected to reach 15,000 this year for the first time since 2008, we are seeing real progress in the delivery of new home developments,” said Paul Grimes of REA Grimes who operate in Dublin City Centre, Skerries and Ashbourne and have a good overview of the north Dublin and East Meath markets.
“We are entering a less heated phase in the second-hand market because many buyers are now opting to put deposits on new homes that may not be completed until mid-2018.
“This, in turn, will play a part in freeing up the stock of second hand housing on the market," he concluded.
REA Dempsey in Clonskeagh, believes there will be a 10% increase this year while REA McGee in Tallaght predict an 8% increase in 2018, with an abundance of First Time Buyers coming to the market in Dublin 24.
The average semi-detached house nationally now costs €225,806.
Overall, the average house price across the country rose by 11.3% over the past 12 months – compared to 7.7% nationally in 2016.
The survey also found that agents throughout the country expect prices to rise by 7.5% on average in the next 12 months.
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