Property report shows price increases across Limerick

A NEW report shows that property price increases in Limerick are above average.

IPAV’s twice yearly Residential Property Price Barometer stated that while the overall national price increase for the latter six months of 2023 was 2.99% - Limerick's increase was 4.84%.

Limerick saw a 3.39% rise in the three-bedroom category; 5.90% for four-bedroom properties and 5.24% for two-bedroom apartments.

IPAV’s Residential Property Price Barometer charts prices actually achieved by auctioneers for three and four-bedroom houses and two-bedroom apartments.

Commenting, Pat Davitt, IPAV’s chief executive said: “Despite the substantial increases of recent years, prices remain resilient and given the paucity of supply, it’s not unreasonable to think that, barring a geo-political crisis or unforeseen catastrophe, we could see rises of the order of 5% this year.”

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He said auctioneers continue to report a scarcity of supply with strong demand, including from non-Irish nationals and returning emigrants.

“At 32,695 new builds in 2023 we’re finally getting very close to an historical and outdated target of 33,000 homes per year, with some estimates suggesting the target should be revised upwards to over 60,000 a year,” he said.

Mr Davitt also pointed to CSO data which shows that between the 2016 census and the latest one in 2022 housing stock has risen by 5% but the population has grown by 8%, with some counties having a much greater divergence.

The latest census put the population at 5.2 million and it has grown by 100,000 in the last year alone.