Average house prices in Limerick city increased significantly in the first quarter of 2021
AVERAGE house prices in Limerick city increased by more than 11% over the past 12 months, new figures have revealed.
According to the latest Daft.ie House Price report, the average asking price for a house in the city over the past three months was €225,093 - representing a 11.6% year-on-year increase and a 1.9% increase compared to the end of December.
The Daft report also shows there has been a significant year-on-year increase in the average asking price for houses in County Limerick.
The average price is now €202,067 - representing a 7% increase compared to the first quarter of 2020. However, average prices in the first quarter of the year fell by 1.1% compared to the last quarter of 2020.
According to report, the average asking price for a three-bed semi-detached home in Limerick city is now €192,000 while a similar property in County Limerick costs an average of €127,000.
A one-bedroom apartment in the city costs and average of €102,000 while the average asking price in the county is €78,000.
Commenting on the latest report, Ronan Lyons, economist at Trinity College Dublin said: "For most of the past year, economic activity has not been happening not because it doesn’t want to but because it is not allowed to. In other words, while many people have had their jobs or even businesses wiped out, for huge swathes of the economy, their incomes have stayed the same and their expenditures have gone down."
He added: "As a result, those homes that are coming on to the market are easily finding buyers. The net result of strong demand and very weak supply can be seen in availability, the stock of homes on the market at any point in time."