4.9% increase in value of property outside of Dublin expected over next 12 months by estate agents – The Sunday Times ‘Nationwide Property Price Guide’

/in /by

  • House prices in Kerry could rise by as much as 15%, while prices in Kilkenny and Laois could see an increase of 10%

 

  • The majority of counties are predicted to experience growth in values while Monaghan, Louth and Co. Westmeath will remain static

 

  • It’s now cheaper to buy than build in Wexford, Waterford, Mayo and Offaly – with strong competition for second hand homes

 

  • Mohill, Ballinamore and Castlerea among most affordable areas for three bed semi-detached houses

 

  • Greystones, Ballinlough and Model Farm Road named as three most expensive areas for a three bed semi nationwide 

 

  • Returning emigrants with savings and cash buyers from Dublin and commuter counties are pricing out locals

 

 House prices nationwide are set to rise even further this year, with estate agents predicting an average rise of 4.9% over the next 12 months, according to the 2024 Sunday Times Property Price Guide, a dedicated 32-page supplement which will be published free with the Sunday Times this Sunday, 21st January.

 

The Sunday Times Property Price Guide is the authoritative guide to the Irish property market, featuring interviews with a number of Ireland’s estate agents who outline their predictions for the year.

 

House prices in Kerry could rise by up to 15%, while Kilkenny and Laois could also see values increase by 10%. The overwhelming majority of counties are predicted to experience growth in values during 2024, with just a few areas remaining static. These include Monaghan (0%), Louth (0–5%)  and Co. Westmeath (0-7%)

 

Estate agents across Ireland are predicting the following price increases in residential property values:

 

  1. Waterford – 10%
  2. Kerry – 4-15%
  3. Kilkenny – 8-10%
  4. Laois – 5-10%
  5. Roscommon – 7-8%
  6. North Co. Tipperary – 7.5%
  7. North Co. Cork – 6-7%
  8. Galway City – 5-7%
  9. Co. Longford – 6%
  10. Co. Cavan – 5%
  11. Cork City North – 5%
  12. East Co. Cork – 5%
  13. Co. Leitrim – 5%
  14. Co. Mayo – 5%
  15. Co. Offaly – 5%
  16. Sligo town – 5%
  17. South Co. Tipperary – 5%
  18. Co. Wexford – 5%
  19. Co. Meath – 4-5%
  20. Co. Carlow – 3-5%
  21. Co. Donegal – 3-5%
  22. Co. Kildare – 3-5%
  23. Limerick City – 4%
  24. South Co. Wicklow – 4%
  25. Co. Galway – 2-5%
  26. Co. Westmeath – 0-7%
  27. Cork City – 3%
  28. West Co. Cork – 3%
  29. Co. Limerick – 2-3%
  30. Co. Louth – 0-5%
  31. North Co. Wicklow – 2-3%
  32. Co. Monaghan – 0%

 

The cost of building and renovating, the trickle of properties coming to the market along with the tightening of planning laws are all factors affecting price values. It is now cheaper to buy than to build in the likes of Wexford, Waterford, Mayo and Offaly. There is strong competition for second hand homes with buyers willing to consider fixer-uppers despite the huge costs involved in renovation projects.

 

Second-hand bungalows are back on trend, appealing to downsizers in rural towns and villages across Ireland. Buyers in Donegal are seeking properties from the 70’s unaffected by Mica while remote workers are looking for bargain properties in Sligo.

 

Motivated first time buyers are taking advantage of government incentives to get their foot on the property ladder. However, many have reservations about the Vacant Property Refurbishment Grant given the 10-year occupancy clause or are underestimating the amount of work needed and the cost, while some are planning to tackle construction themselves.

 

Returning emigrants with savings and cash buyers from Dublin and commuter counties are pricing out locals from the area. However, the National Broadband Plan has been a game changer for many rural counties as buyers seek more space, home office potential, and a better quality of life in rural counties and coastal areas.

 

The Sunday Times Property Price Guide 2024 reveals that the top five most affordable areas for three-bed semi-detached houses are:

 

  1. Mohill, Co Leitrim (€155,000)
  2. Ballinamore, Co Leitrim (€160,000)
  3. Castlerea, Co Roscommon (€160,000)
  4. Ballyconnell, Co Cavan (€160,000)
  5. Strokestown, Co Roscommon (€165,000)

 

The top five most expensive areas for three-bed semi-detached houses are:

 

  1. Greystones, North Co Wicklow (€605,000)
  2. Ballinlough, Cork City (€490,000)
  3. Model Farm Road, Cork City (€490,000)
  4. Naas, Co Kildare (€480,000)
  5. Blackrock, Cork City South (€475,000)

 

Róisín Healy, Deputy Features Editor of Sunday Times Ireland, says:

“The rental crisis, the cost of building and renovation works and the persistent lack of supply is leaving the property market nationwide at a standstill. This is having a real impact across all age cohorts and at every end of the market, as people struggle to rightsize. This is affecting first time buyers, growing families and older people who wish to trade down. The scarcity of homes to buy and to rent is a massive concern across every county.

 

For full details, pick up a copy of The Sunday Times this weekend or online at thesundaytimes.ie/propertyprices

 

 

For more information visit thesundaytimes.ie/propertyprices

or follow The Sunday Times Ireland on Twitter @ST__Ireland, Instagram @sundaytimesireland,

Facebook @thesundaytimesIE and LinkedIn @The Sunday Times Ireland