Irish residential property inflation returned to a more than two year high in December, as a long-standing lack of supply combined with surging demand pushed prices up 12.3 percent, data showed on Wednesday.
After rising steadily for four years, real estate prices in and around Dublin and other cities “are now within a year or two of reaching their 2007 peak,” Ronan Lyons, an economist at Trinity College Dublin, wrote in a report about the fourth quarter of 2017, published by Daft, an Irish property search website.
Dublin’s booming property market helped housebuilder Cairn more than triple its revenues last year.
The company’s revenues climbed to €149m (£133m) from €40.9m in 2016 as its sold off 418 homes, almost four times as many as the previous year.
A recovery in prices that began in 2013 has accelerated sharply across the country this year with prices climbing 12.1 % in the year to the end of October as a long-standing lack of supply combined with surging demand
A recovery in prices that began in 2013 has accelerated sharply across the country this year
Sales prices have increased by 47 percent since 2013, when they hit rock bottom, while rents are going up by double digits each year.
For those working in the Irish property industry, remembering the financial crisis can be painful.
The Emerald Isle suffered more than most other European countries in the dark days of 2009, with the global recession wiping 50pc off house prices in some areas and commercial development virtually grinding to a halt.
A severe shortage of housing combined with surging demand in Ireland's fast-recovering economy has caused house prices to rise sharply
A major Irish shopping centre has come to the market at less than half of what it was sold for 10 years ago, as the recession’s legacy continues to bite.
House prices climbed 10.5 % in the year to the end of April, their highest annual growth rate in almost two years, amid a severe shortage of supply
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