Property prices jump further in Limerick

LIMERICK City and County experienced the second-highest rate increase for properties in the country during the third quarter of 2023, according to Rooney Auctioneers.

The city and county saw an increase of 4.2% for properties in Q3, with the average price being €262,499, second only to Waterford city at 4.7%. Both Dublin and Cork rose by less than 2%

This increase is due to a lack of supply according to Lisa Kearney, head of residential and new home sales at Rooney Auctioneers.

Ms Kearney presented an overview of the property market at this year’s Construction Industry Federation (CIF) Mid-West Construct.

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According to Ms Kearney, properties in Limerick are still “viewed as good value and reasonably priced compared to other cities” even though the market value is increasing.

Property prices rose by €5,000 in Q3 of 2023, according to the MyHome.ie property price report for Q3, 2023.
Ms Kearney said there is a continued strong demand for new homes in Limerick, particularly coming from first-time buyers.

“We are inundated, I cannot tell you the amount of calls we get every day for new homes from first-time buyers… All armed and ready to buy, they could buy today,” Ms Kearney said.

“Rising rents and shortage of accommodation has fuelled the demand for new homes,” she added.

Expectations for 2024 are that demand is set to remain strong, and supply shortages in Limerick and across the country will remain a major concern and prices will continue to rise or at least remain steady due to the constant lack of supply and forced competitive bidding for properties.