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Dublin: 5 °C Wednesday 19 December, 2018
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Mortgage rules, skyrockets and Christmas trees: It's your vital property round-up

Everything you need to know about the market this week in one quick guided tour.

THIS WEEK REVEALED that Ireland has taken the international top spot for house price growth.

The first 9 months of this year has seen the value of properties rise by 15%. This comes at a time when the Central Bank are intent of introducing new restrictions on housing deposits.

All of this is good new for the constructions industry, the recent upturn in which shows no sign of subsiding.

The Big Movers

The new mortgage rules 

This week the consultation process on the Central Bank’s new mortgage rules closed – with individuals and institutions having made over 150 submissions.

From next year, house-hunters will be required to stump up 20% of a house’s price – a figure which only 15% of the Irish public felt they would be able to afford.

Patrick Honohan Governor of the Central Bank Patrick Honohan Source: Laura Hutton/Photocall

In its submission, the Department of Finance said that it felt the Irish system was “novel” in an international context, and that changes should be introduced in a graduated effort.

The new rules have been criticised by the Ulster Bank Chief Executive Jim Brown, who said that two-thirds of people who bought homes this year would not have been able to do so under the new regime.

Skyrocketing

This week it was found that Ireland has the fasting rising house prices in the world.

The statistics, which come from the Knight Frank Global House Price Index, found that there had been a 15% increase in prices here since September – although these remain 39% below the 2007 peak.

Ireland stat figure - house prices

The UK was also found to have had a huge price increase, while countries like Dubai and Hong Kong have seen a slowing down in growth.

Rents still climbing 

The amount a person can expect to pay out on rent in the nation’s capital is getting close to 2007 rates.

Rents in Dublin are now just 8.4% less than they were 7 years ago. In the last year alone they have increased by 9.5% according to new figures from the Private Rent and Tenancies Board (PRTB).

rent bubble Source: Sam Boal/Photocall

Around the country, things were a bit better – with rents 22.8% lower than they were in the final quarter of 2007.

Under construction

Des res

Reports from American gossip magazines are saying that celebrity power-couple Beyonce and Jay Z are set to purchase this home in the Beverly Hills area of Los Angeles. It is thought it could sell for $70 million – $15 million less than its $85 million valuation.

Mortgage rules, skyrockets and Christmas trees: It's your vital property round-up
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  • The home Jay Z and Beyonce are eyeing up

  • The home Jay Z and Beyonce are eyeing up

    Source: Business Insider
  • The home Jay Z and Beyonce are eyeing up

    Source: Business Insider
  • The home Jay Z and Beyonce are eyeing up

    Source: Business Insider
  • The home Jay Z and Beyonce are eyeing up

    Source: Business Insider
  • The home Jay Z and Beyonce are eyeing up

    Source: Business Insider
  • The home Jay Z and Beyonce are eyeing up

    Source: Business Insider
  • The home Jay Z and Beyonce are eyeing up

    Source: Business Insider

And finally…

On Wednesday, the American Institute of Architects announced that it would be awarding its Gold Medal to Israeli-Canadian architect Moshe Shafdie.

He is best known for his experimental urban-housing design Habitat 67 – which was revealed to the world as part of the 1967 World Exposition in Montreal, Quebec. The building used pre-fabricated units to cut down on building costs.

Here is a 2002 TED talk Shafdie gave about the unique nature his projects.

Source: TED/YouTube

Read: Dublin rents are almost back to their property-bubble peaks

Also: Most Irish people say they won’t be able to buy a house next year

Additional reporting from Business Insider 

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