According to the latest residential market review and outlook from leading property advisors DNG, house prices are set to continue rising this year, following the strong growth in values recorded in 2021.
At a national level (excluding Dublin) the DNG National Price Gauge (NPG)
recorded an increase in the average price of a second hand home of 13.6% last year, a marked
acceleration in the rate of inflation compared to 2020 when prices rose by 1.4%.
At the national level (including Dublin) the overall rate of price increase last year stood at 12.0%. The NPG, which tracks house prices across the country on a half yearly basis, recorded growth of 5.3% in the six months to December 2021, compared to an increase of 7.9% in the first six months of last year.
All regions of Ireland recorded double digit price growth in 2021, except for Dublin (+9.9%).
Nationally, the strongest rate of house price appreciation was in the Mid-West region (+17.2%)
followed by the Midlands (+14.2%) and West (+13.8%) whilst the South East region saw the
lowest rate of growth in prices last year (+11.0%).
Outside the capital the highest average price was found in the Mid-East (€349,259) followed by the South West (€279,844).
Looking at the outlook for the year ahead, the agency forecasts further growth in prices both in
Dublin and nationally, with regional price gains set to outstrip those in the capital where nominal
values are already elevated, and affordability is more challenged.
The agency is forecasting an average uplift in regional markets of 12-13% this year whilst price growth in Dublin will more likely be high single digits, in the order of 6-8%.
The factors underpinning the forecasts include continued strong economic and wage growth, the heightened household savings levels seen in 2020-21, the extension of government initiatives for first time buyers announced in the budget, strong demand from this cohort evident in the mortgage approvals data and the prevailing low interest rate environment.
On the supply side, whilst the supply of new residential completions is set to increase to around 26,000 units this year, this will still be well below the estimated 30-35,000 new units required each year to meet demand thereby putting upward pressure on prices in the market.
“Whilst Covid-related issues rightly dominated the news agenda in 2021, housing undoubtedly came a close second, given the emotive nature of the housing debate and the current market dynamics of
rising house prices and rents and a shortage of accommodation available to buy or rent, not only
in Dublin but across the country.”, said DNG’s Director of Research Paul Murgatroyd said “Price growth was clearly very robust last year across all regions and the factors that drove those increases continue to be evident in the market as we enter 2022. The stock of homes for sale in the second hand market remains very low by historical standards and this, combined with the elevated level of demand, brought about in part by factors linked to changing behaviours throughout the pandemic, will mean further price appreciation will be evident as we progress through the year ahead.”
Leona named PRO of the year
By Sean Moriarty She is best known for promoting the county’s GAA news – and now Leona Twiss has been rewarded for her efforts. The Gaelic Games Writers’ Association named […]
By Sean Moriarty
She is best known for promoting the county’s GAA news – and now Leona Twiss has been rewarded for her efforts.
The Gaelic Games Writers’ Association named Leona as its Public Relations Officer of the Year at an awards ceremony at Iveagh Gardens in Dublin on Friday night last.
Leona has been the PRO for Kerry GAA for the last five years but will have to step down this year due to County Board rules.
“I was speechless, it was wonderful to get PRO of the Year but I am only as good as the team around me and this success is attributed to the hard work of the entire PR team at Kerry GAA,” she told the Killarney Advertiser.
As well as her busy schedule managing the media affairs for the Kerry County Board, Leona is also principal at Cullina National School in Beaufort.
Any victory for Ukraine is important!
By Natalya Krasnenkova On the eve of the final of the 2022 Eurovision Song Contest, President Zelensky said “Ukrainians need victory – big and small”. That is why Ukrainians who […]
By Natalya Krasnenkova
On the eve of the final of the 2022 Eurovision Song Contest, President Zelensky said “Ukrainians need victory – big and small”.
That is why Ukrainians who gathered around the world on Saturday night were waiting for Ukraine’s win in the song contest, just like the victory in the war.
The Ukrainians from the Innisfallen Hotel were waiting for that too and the overall winner, Ukrainian band Kalush Orchestra, caused a real emotional storm in the hall!
“After my country’s victory at Eurovision, I felt proud, cried, laughed and couldn’t believe it. I am also grateful to everyone who voted for us, because this victory shows how much most European countries support us,” Iryna Melnychuk said.
“Voting around the world for Ukraine gives us hope for support from the world community not only in the Eurovision Song Contest,” said Stepan Krasnenkov.
The Ukrainian band Kalush Orchestra received the highest number of points from the audience during the entire existence of the competition: 439 points from the audience, 192 points from the professional jury. In the end – 631 points, which brought Ukraine victory.
Also, thanks to the Kalush Orchestra, the whole world now knows about the humanitarian catastrophe in Mariupol and the Azovstal enterprises, where wounded Ukrainian soldiers and civilians are under blockade without food, water and medicine.
After their performance, Kalush Orchestra addressed the audience from around the world with a request to save the defenders of Mariupol, who are at the Azovstal plant.
“Please help Ukraine, Mariupol! Help Azovstal! Right now!” – the band called.
After these words, search queries for Azovstal and Mariupol took off on the Internet as people were looking for what they meant.
Irish Eurovision contestant Brooke also sang it and the whole world sings the song of the winners ‘Stefania’.
Leona named PRO of the year
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Any victory for Ukraine is important!
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