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BreakingNews.ie
10 hours ago
- Business
- BreakingNews.ie
House price inflation hits 10-year high, according to Daft.ie report
Housing price inflation has hit a 10-year high, according to a property website. Prices rose by an average of 3 per cent across Ireland during the second quarter of 2025, House Price Report released on Monday said. Advertisement The typical listed price nationwide in the second quarter of the year was €357,851, 12.3 per cent higher than a year previously and 40 per cent higher than at the onset of the Covid-19 pandemic. The current rate of inflation in the market is the highest seen in the 10 years since mortgage market rules were introduced. The surge in Dublin of 12.3 per cent is in line with the average for the rest of the country, whereas in the rest of Leinster, the annual increase in prices is 14.3 per cent. Inflation is also close to the national average in both Limerick city (12.8 per cent) and Galway city (12.5 per cent). Advertisement In Waterford city, the rate is 15.2 per cent, while in Cork city the increase in prices is slower, at 8.6 per cent. The average list price in Dublin is €467,913, €369,938 in Cork city and €426,348 in Galway City. Ireland's limited supply of homes, due to stalled construction during the recession, is blamed for now skyrocketing house prices. The Government has boosted its target for the homes it aims to build as a result, despite missing its target last year and the housing minister stating this year's target of 41,000 is 'not realistic'. Advertisement The number of second-hand homes available to buy nationwide on June 1st was close to 12,100. This is largely unchanged from the figure a year ago and less than half the pre-Covid average of almost 25,000. Author of the report Ronan Lyons, an economist at Trinity College Dublin, said it was up to policymakers to solve the housing shortage. 'The fastest increase in housing prices since mortgage market rules were introduced a decade ago highlights the importance of addressing Ireland's chronic and worsening housing shortage. Ireland Six in 10 employees expect to receive salary raise... Read More 'The substantial increases over the past year in almost all parts of the country are linked to the lack of second-hand supply. This in turn is related to the increase in interest rates earlier in the decade. 'As interest rates come down and mortgage-holders come off their fixed rate terms, the picture for second-hand supply will improve. 'There are already some tentative signs in Dublin of an increase in second-hand supply. Nonetheless, the second-hand market is only part of the solution. 'Ultimately, policymakers have to address their failure to recognise and provide the framework for enough new homes each year.'
Irish Times
19-05-2025
- Business
- Irish Times
Renting outside Dublin: Are sharply rising rents affecting you?
Rising rents and low market supply is a story Ireland has become all too familiar in recent years. While we are used to hearing tales of excessively high rents in Dublin , for the first time nationally the average rent has now surpassed €2,000 according to newly released figures by . The year-on-year increase also revealed rents are rising at a higher percentage rate outside of Dublin. In Cork and Galway cities, rents were up 13.6 per cent and 12.6 per cent respectively while the rate of increase in Waterford was 9.9 per cent year-on-year. READ MORE Limerick recorded the largest increases with rents climbing by more than 20 per cent year-on-year. With rents now climbing faster than at any point over the past twenty years - now standing 48 per cent higher than before the outbreak of Covid-19 in early 2020 - The Irish Times would like to hear your experience of renting outside Dublin in recent years. Has the sharp climb in rent affected you? Are you finding yourself priced out of suitable rental properties? Are you commuting long distances to work or college as a result, or has the lack of affordable rental property impacted your career or education? Please submit your replies using the form below, limiting your submissions to 400 words or less. Please also include a phone number for verification purposes. If you would prefer to remain anonymous, please indicate this in your submission – we will keep your name and contact details confidential. We will curate a selection of submissions, but please note that it may not be possible to publish every submission we receive.
Irish Times
19-05-2025
- Business
- Irish Times
Irish rents continue to rise, with average cost nationally now more than €2,000 a month
In breaking news this morning, Ryanair has blamed a lower air fares after it saw profits fall 16 per cent last year to €1.6 billion. The airline, which is headed up by chief executive Michael O'Leary, said in its results for the year ended March 31st, 2025, that traffic grew 9 per cent to a record 200 million passengers at 7 per cent lower fares. Rents are now climbing faster than at any point over the past 20 years with the national monthly average between January and March surpassing €2,000 for the first time , new figures from property website suggest. Conor Pope has the details. In her weekly column, the FT's Pilita Clark explains why it pays to use AI on the sly at work. READ MORE In our Your Money Q&A, a reader wonders how to calculate any potential tax liability from Bank of Ireland shares given in lieu of a bonus and dividends while employed by the company some years ago. If you'd like to read more about the issues that affect your finances try signing up to On the Money , the weekly newsletter from our personal finance team, which will be issued every Friday to Irish Times subscribers. Germany used to drive growth in the European economy but now it's an anchor , writes our economics correspondent Eoin Burke-Kennedy. They want to be 'Ireland's answer to Hollows & Fentimans'. Hugh Dooley meets the father-daughter team behind Dublin-based Zingibeer who are chasing Gen Z drinkers as customers. In Me & My Money , Jessica Bonenfant, creative director at Greywood Arts, recalls buying a coffee in Cork recently and for 'the first time in ages' it cost less than €2. She spoke with Tony Clayton-Lea The slow pace in progressing multibillion Irish offshore wind projects is leading to investment in clean energy and critical skills going to other European countries , according to Limerick Chamber of Commerce. Kevin O'Sullivan has the details. The Press Council of Ireland has initiated a review of its membership procedures and criteria against a backdrop of 'rapid change' in Irish journalism amid a slew of new entrants to the market, its chairman has said. Ian Curran reports. Insurance companies should be forced to 'show their sums' and r eveal what calculations are behind any price increases imposed on their customers, the Green Party has said. Conor Pope has the details. The Government could provide sites for microchip-makers in a bid to lure companies like Nvidia and get them to build high-tech production facilities in the Republic, writes Ian Curran of a new national strategy on semiconductors. Apple's India pivot has ignited tensions with Donald Trump. Stocktake explains why. In our Opinion piece, Robert Whelan , MD of Rockwell Financial Management, says there should be no more delays with the auto enrolment pension scheme. Debt levels among Irish SMEs jumped last year according to the results of a survey being published by the Department of Finance on Monday. Cormac McQuinn reports.
