Despite the predictions that the coronavirus would cause a double digit fall in house prices, the market has seen a increase in asking prices of 6%, a 3 year high. A MyHome.ie report, made in conjunction with Davy Stockbrokers, found that prices in Dublin rose by 6.3% and 4.8% nationally. The average asking price in Ireland is now €284,000, €392,000 in Dublin and €238,000 outside of Dublin.
The report puts the unexpected buoyancy down to the fact that not as many people lost their jobs as expected, with companies adapting to home office and with the government support having the desired effect. Limited supply also pushed prices upwards.
The experts believe that the upward surge will continue into 2021 as households have accumulated additional savings, due to the lockdowns and restrictions, which will be channelled towards the property market. The issue with supply will continue to inflate prices.
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