4.9% Surge In House Prices Outside Dublin In 2024

In a recent revelation by The Sunday Times Nationwide Property Price Guide, it has been forecasted that house prices outside Dublin will experience an average increase of 4.9% over the next 12 months. The report delves into regional variations, with Kerry expected to witness the most surge in house prices, reaching an impressive 15%. Meanwhile, Kilkenny and Laois are projected to see increases of 10%.

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Among the counties where prices are anticipated to remain steady are Monaghan, Louth, and Westmeath. However, in certain regions such as Wexford, Waterford, Mayo, and Offaly, purchasing a home has become more economical than constructing one.

Kerry Leads with a 15% Surge in House Prices

The property guide highlights the most expensive areas for three-bed semi-detached houses, with Ballinlough and Model Farm Road in Cork priced at €490,000 each. Greystones in Co Wicklow, a popular commuter town, follows closely at €605,000.

Conversely, the three most economical regions for comparable residences are Castlerea, Roscommon (€160,000), Mohill (€155,000), and Ballinamore (€160,000) in County Leitrim.

The guide provides a detailed breakdown of predicted price increases across various regions, ranging from 2% to 15%. Waterford leads with a 10% surge, while Kerry exhibits a wide spectrum of growth, from 4% to an impressive 15%. Kilkenny, Laois, and Roscommon follow suit with projections of 8-10%, 5-10%, and 7-8%, respectively.

Despite the government’s efforts to make homeownership more attainable through various schemes, the average age of a first-time buyer has risen to 35 years. As house prices continue their upward trajectory, many aspiring homeowners find themselves financially locked out of the market. Additionally, a persistent housing shortage has driven rents higher, leaving renters grappling with challenges in saving enough for a substantial deposit.

As the property market landscape continues to evolve, potential buyers and investors are advised to stay vigilant and consider the regional nuances that influence these forecasted price changes. For individuals navigating the real estate landscape in 2024, a strategic approach is important due to the changing nature of the industry.