Irish Home Prices Rise 10 Percent in Year

Home prices in the United States are on the rise, with a 0.5% increase in October and a 5.9% increase year-over-year, largely due to low inventory and expectations of lower mortgage rates. Meanwhile, in the Republic of Ireland, property prices have increased by 10% from September 2023 to September 2024, with Dublin seeing a rise of 10.8%. The Central Statistics Office reported a decrease in the number of dwellings purchased, down 2.1% compared to the previous year, despite strong price growth. A median dwelling price of €346,000 was recorded, with significant regional variations in prices. Factors such as supply shortages, government incentives, and anticipated interest rate cuts are driving demand in both markets. As the housing landscape evolves, experts suggest that unless inventory increases significantly, prices may continue to escalate.