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House prices rise by 4% in Donegal 04.01.19

ACCORDING to the latest report released by the property website, daft.ie, Donegal house prices in the final quarter of 2018 were 4% higher than a year previously, compared to a fall of 2% seen a year ago. The average house price is now €144,000, 26% above its lowest point.
Housing prices nationally rose by 5.5% during 2018 but the average price nationwide in the final quarter of the year was €254,000, down 1.1% on the figure for the third quarter. The annual increase of 5.5% (€241,000 was the average asking price for Q4 2017) or just over €1,000 a month, was significantly smaller than increases of between 8% and 9% seen in 2015, 2016 and 2017 and marks the lowest year-end inflation rate since prices bottomed out in 2013.
Commenting on the figures, Ronan Lyons, economist at Trinity College Dublin and author of the Daft.ie Report, said: “During the 2000s bubble and crash, the laws of supply and demand were secondary in the housing market to credit market shocks. Not least because of the Central Bank’s mortgage rules, the market this decade has returned to the more fundamental drivers of supply and demand. Since 2013, demand has been strong but supply weak. The increase in homes being built – especially estate houses – in the last 18 months, though, has helped cool down inflation, in particular in the Greater Dublin area, where construction activity is focused. The hope for the housing system is that the building of new homes continues to increase, and to spread to other urban areas. ”
Average list price and year-on-year change in major cities, Q4 2018:
  • Dublin City: €370,472 – up 2.9%
  • Cork City: €275,703 – up 5.8%
  • Galway City: €290,528 – up 6.3%
  • Limerick City: €194,214 – up 9.8%
  • Waterford City: €174,879 – up 8.6%
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