Foreign buyers could be driving Waterford city's soaring house prices

Irish Independent

10 hours ago

Some of that increase may be caused by a growing number of people wishing to move to Waterford from other parts of Ireland and even from outside the State, including from north America and Europe.
The average house price in Waterford city is now €276,420, while the average in the county is €339,276. In the year to March, the average listed price nationally rose by 12.3pc, said the report's author, Ronan Lyons, an associate professor in economics at Trinity College Dublin.
'Such a rate hasn't been seen in the market since the first quarter of 2015, during the spike in prices that prompted the Central Bank to introduce the mortgage market rules.
'Ultimately, the market is still starved of supply. But the total number of homes for sale on June 1 was over 12,000, compared to below 9,300 on March 1. A healthy market is probably above 30,000 – but at least these latest figures show a step in the right direction.'
The median price of a new home in Waterford, during the period from October 2024 to Mar 2025, was €349,000.
The average list prices for Waterford city, and annual per cent change, in 2025 Q2, were as follows: one bed apartment (€134k – up 33.4pc), two-bed terraced (€162k – up 15.7pc), three bed semi-detached (€231k – up 13.5pc), four-bed bungalow (€424k – up 20.3pc), five-bed detached (€474k – up 15.4pc).
The figures for County Waterford are: one bed apartment (€144k – up 22.2pc), two-bed terraced (€164k – up 9.8pc), three bed semi-detached (€224k – up 5.1pc), four-bed bungalow (€459k – up 11.9pc), five-bed detached (€457k – up 9.3pc).
Margaret Fogarty of property specialists RE/MAX, told the Irish Independent that the figures reflect the growing interest in Waterford city as an attractive destination to live and work in, both for Irish people from other parts of the country, and for international clients from abroad.
'I think people are seeing the value of Waterford city and what it has surrounding it,' said Ms Fogarty. 'We've got a lovely central area and then you have access to the beaches and to the mountains and the greenway (cycle and pedestrian trail).
'It's become quite a sought-after city. As you can see from the report, house prices are a lot cheaper than other cities, Limerick, Galway, Cork, and certainly Dublin.'
Ms Fogarty said any property which is priced correctly in the market 'will move very quickly'. There is a huge demand from first time buyers.
'The market up to probably €500k is where the bulk of the buyers are. And then as you go higher, there is slightly less. But properties are moving at every level.'
A notable increase was seen in one bed apartments in the city, up by a third in 12 months. Apartment living has become more attractive. 'It's affordable, it's a price point where you can get a nice two-bed apartment for under €200,000. There are not many cities in the country were you can get that, and in a nice location, and in a good condition,' said Ms Fogarty.
'It's an affordable price point for a first time buyer, a single person, or that person who doesn't have access to the €300k or €250k for a new house. It's a very good option for them.'
Generally, Waterford is seeing huge progress, with a new bridge recently installed, and new transport, retail, office, and living quarters planned for the North Quays.
All of that is even attracting attention from abroad. 'We at RE/MAX particularly, because I've spoken to other agents, but because of our global connections, we are getting a lot of American inquiries. There has been a huge increase in inquiries from outside the State,' said Ms Fogarty.
The high temperatures in mainland southern Europe mean that more Irish people are holidaying at home, and in the sunny south east. 'We've had quite a few Europeans contact us as well through the network. It seems to be trend that there's more movement from outside the State as well. Quite a number of our inquiries are coming that way,' added Ms Fogarty.