Ireland’s real estate market continues to recover despite the Coronavirus

Home prices did not decline despite the pandemic.

Annual house price inflation has risen more than 1% in the Republic of Ireland despite the impact of Covid-19, analysis from leading real estate website MyHome.ie and Davy shows.

Requested price inflation increased by 1.2% domestically compared to the second quarter of 2019, 0.3% in Dublin, and 1.5% in other parts of the country.

The increase in quarterly sales price inflation has been even more pronounced: 4.3% nationally, 2.9% in Dublin, and 4.7% in the rest of the country.

“The future of the property market in Ireland is promising.”

Conall MacCoille, Davy’s chief economist, said: “MyHome data shows that prices have remained high during the summer months; The 3% negative inflation rate was seen in the second quarter of 2020 now looks like an aberration, driven by the small number of providers willing to put their homes on the market during the exceptionally uncertain period of the lockdown.”

“Looking ahead, we believe prices will be virtually flat in 2020 or see marginal declines, but the impact of Covid-19 on the housing market could have a longer and slower impact than many appreciate.”

The mix-adjusted sales price for new sales at the national level is 280,000 euros, while the price in Dublin is 383,000 euros, and in the rest of the country, it is 234,000 euros.”

“Things have gone better than expected.”

Angela Keegan, managing director of MyHome.ie, said: “One of the many negative effects of Covid-19 has been the decline in construction products, which has had significant ramifications for the real estate market.”

“As an anecdote, we are also seeing people who have mortgage approval acting quickly to secure properties and this, coupled with the fact that inventory levels are low, is driving sales prices higher.”

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