House Prices In Ireland Grew By More Than 16 Per Cent In 2014

HOUSE PRICES IN IRELAND GREW BY MORE THAN 16 PER CENT IN 2014

Irish house prices rose by 16.3 percent in 2014, with the average value of property growing by 2 percent in the fourth quarter.

The strongest growth was seen in Dublin – where prices were up 18 percent during the year, and Cork which was up 17.9 percent.

But when Dublin is excluded from the national figure, the increase in the 12 months to the end of December was just 13.9 percent according to the Sherry Fitzgerald Group.

It finds that the regional centres also saw upward price movement during the nine month period.

Owner occupation still dominates the purchaser profile at 77 percent, while investors now account for 16 percent of all purchasers.

And it says first time buyers are relatively active in the market, accounting for 17 percent of the properties – this compares to 20 percent in the same period in 2013.

An analysis of the profile of those who sold their property through Sherry FitzGerald revealed that 32 percent were selling investment properties, while executor sales accounted for 13 percent.

Marion Finnegan – chief economist with the Sherry Fitzgerald Group – says there are still flat markets in some parts of the country.

“The Cork market was just under 18 percent growth, the Galway market almost 15 percent and Limerick a little bit over 11 percent” she said.

“All of the cities in other words are seeing quite strong price performance”.

“But as a country overall prices were up 16 percent, but the range there is anything from flat markets in locations like Cavan, Roscommon, Leitrim – to areas where the cities are seeing quite strong growth”.

“So it’s still quite a divided nation in terms of the housing market” she added.

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