Average house prices in Limerick city have increased by more than 6% over the past 12 months
AVERAGE house prices in Limerick city increased by more than 6% over the past 12 months, new figures have confirmed.
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 €234,908 - representing a 6.4% year-on-year increase.
The Daft report also shows there has also been an increase in the average asking price for houses in County Limerick.
The average price is now €215,173 - representing a 5.3% increase compared to 2020. However, the figure is 1.2% less than the average price of a house in County Limerick at the end of September.
According to report, which has been published this Wednesday, the asking price for a three-bed semi-detached in Limerick city is now €208,000 while a similar property in County Limerick costs an average of €143,000.
A one-bedroom apartment in the city costs and average of €113,000 while the average cost in the county is €80,000.
Ronan Lyons, economist at Trinity College Dublin and author of the Daft Report, says the lack of supply to meet demand is the main factor behind the overall national increase of 7.7%
"Demand for homes to buy, which had been strong anyway from the mid-2010s, has received an unexpected boost during the Covid-19 pandemic, with prospective buyers able to tap into accidental savings, as expenditure fell during the lockdowns. Meanwhile, both new and second-hand supply remain weaker than expected before the pandemic," he said.
"While the pandemic has changed some particulars, the general health of the housing market is largely unchanged– it is one characterised by weak supply in the face of strong demand. For that reason, additional supply – not just of homes for sale but also of market and social rental housing – remains key to solving Ireland’s chronic housing shortage,” he added.
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