In the first three months of 2017, home prices in Ireland increased to an average of 4.3%, thus showing the highest growth in the first quarter in the previous two years. Now the average cost of residential property amounted to 230 thousand euros, which is 9.4% more than last year.
Since the beginning of this year and until March, the average house price in Dublin has increased to 8.7%. The cost of residential property also increased and in other major cities of Ireland. At the same time across all the country, a decrease in the number of residential properties put up for sale is noticed. In March, 20500 homes were sold in Ireland, compared with 24000 of residential properties one year earlier.
As experts comment, the changes of rules for granting mortgages promoted the price increase, initiated by the Central Bank of Ireland, and the introduction of a new scheme for facilitating the acquisition of residential property.