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A three-bed semi-detached house in Dublin now costs an average of €404,167

Ireland’s major cities outside the capital experienced a 2.3% rise in the first quarter and 7.7% on the year.

Image: Shutterstock/kramynina

THE PRICE OF a three-bed semi-detached house in Dublin has risen by €15,000 in the last three months.

New figures from the Real Estate Alliance show that the 3.9% rise has seen average prices in the capital breach the €400,000 barrier, climbing to €404,167.

With an increase in newly financed buyers coming to the market, prices rose by 5.6% in both north and south county Dublin in the first three months of the year. The increase in prices is attributed to the easing of Central Bank lending rules and limited supply.

The REA Average House Price Survey concentrates on the actual sale price of Ireland’s typical stock home, the three-bed semi.

It shows that the average semi-detached house nationally now costs €209,944, a rise of 3.5% on the Q4 2016 figure of €202,926. Overall, the average house price across the country has risen by 10.9% over the past 12 months.

Ireland’s major cities outside the capital experienced a 2.3% rise in the first quarter and 7.7% on the year, with the average semi now costing €305,000 in Cork (+3.4%), €132,000 in Galway (+2.1%) and €178,000 in Limerick (+0.6%).

“There has been a recovery in bank lending, which has been reflected in the purchasing end, but the accelerated figures in the Dublin market particularly, show that we are moving into a vendors’ marketplace,” said REA spokesperson Healy Hynes.

“Many private vendors are now emerging from negative equity and can afford to make the move from the starter to the second home.”

Read: ‘It simply won’t be affordable’: New student rooms in Dublin will cost a minimum of €249 a week

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