août 13, 2022

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House prices are expected to continue rising in 2022 amid a shortage

Real estate agents report that a lack of new stock in the market is driving up house prices in Dublin.

according to Sunday times, The Dublin Property Price Index expects home prices to rise by an average of about 6 per cent in 2022.

The most sought after areas for those looking to buy a home are Ranelagh, Ballsbridge and Rathmines. Meanwhile, more affordable homes are currently found available in Neilstown, Ballymun, Tallaght and Darndale.

Last year, the most expensive three-bedroom house in Ranelagh, Co Dublin, sold for more than one million euros. Meanwhile, the most expensive house for sale in Nilestown was found for €200,000.

According to one Dublin real estate agent, there were an average of 20-25 bids per home.

Speaking to Newstalk, Institute of Professional Auctions and Appraisers CEO Pat Davitt said that too many bids can create challenges for agents.

“The higher the number of bids, the more difficult it is to ensure that the agent qualifies for the purchase, so that the buyer can actually buy the property when the hammer falls,” Mr. Davitt explained.

Earlier this month, MyHome.ie/Davy’s property price report for the fourth quarter of 2021 detailed a record drop of just 11,300 homes for sale.

The right to housing

According to People Before Profit TD Paul Murphy, setting up a state construction company and ending land hoarding are two solutions to the housing crisis.

Talking to NewstalkMr. Murphy said major changes in current policy are needed to address the situation

“The entire housing crisis is completely interconnected, and its root is a system that prioritizes the profits of developers, big builders and landlords,” Murphy said.

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“So we need a housing policy that is rooted instead in giving people the right to a home.

“House prices are out of control… they are out of reach for the vast majority of people who work in normal, even fairly well-paid jobs.

« This is an aspect of the housing crisis that is now seeing more than half a million young people stuck in their families’ home while preferring to go out to either rent or buy somewhere. »