- Home » Expat News » Dublin property prices dropping due to Brexit concerns
Dublin property prices dropping due to Brexit concerns
| Published: | 2 Dec at 6 PM |
Want to get involved?
Become a Featured Expat and take our interview.
Become a Local Expert and contribute articles.
Get in touch today!
Become a Local Expert and contribute articles.
Get in touch today!
For would-be British expats considering a move to the Republic of Ireland, Dublin’s residential property prices are falling at last.
Following the 208 global financial crisis, the Irish capital’s real estate prices increased rapidly to heights not seen for many years, discouraging both locals and expats from taking a chance on a purchase. The boom continued, with average prices last seen to be falling on an annual basis pre-2012. The latest figures from the Republic’s Central Statistics Office show house prices falling by 1.5 per cent during the year to September.
Although demand is still strong in the overall Irish real estate market, the fall in Dublin’s figures is the third in the past three months, possibly indicating further falls next year.
Even so, house prices are still almost 17 per cent lower than their unsustainable high point in 2007, just before the financial crash. Industry professionals are blaming Brexit for the drop, especially related to Dublin’s high-end sector, and a combination of the Central Bank’s mortgage rules and increased supply is resulting in smaller reductions in the remainder of the capital’s districts.
According to one expert, the general public are afraid to do anything as they simply don’t know what will happen when or if Brexit finally becomes a grim reality. Economists believe another reason why the high-end property market is slowing is the continual geopolitical turmoil emanating from the USA since the impeachment drama began. Those formerly happy to spend large amounts of money on upscale properties are hedging their bets and postponing major decisions until the situation either clarifies itself or is forced to go away.
In the meantime, for the average expat buyer, affordable family-oriented homes are still in demand in districts such as Tallaght and Lucan. For Britons looking for a safe haven not too far from British shores, finding a suitable property at an affordable price isn’t an impossible dream.
Following the 208 global financial crisis, the Irish capital’s real estate prices increased rapidly to heights not seen for many years, discouraging both locals and expats from taking a chance on a purchase. The boom continued, with average prices last seen to be falling on an annual basis pre-2012. The latest figures from the Republic’s Central Statistics Office show house prices falling by 1.5 per cent during the year to September.
Although demand is still strong in the overall Irish real estate market, the fall in Dublin’s figures is the third in the past three months, possibly indicating further falls next year.
Even so, house prices are still almost 17 per cent lower than their unsustainable high point in 2007, just before the financial crash. Industry professionals are blaming Brexit for the drop, especially related to Dublin’s high-end sector, and a combination of the Central Bank’s mortgage rules and increased supply is resulting in smaller reductions in the remainder of the capital’s districts.
According to one expert, the general public are afraid to do anything as they simply don’t know what will happen when or if Brexit finally becomes a grim reality. Economists believe another reason why the high-end property market is slowing is the continual geopolitical turmoil emanating from the USA since the impeachment drama began. Those formerly happy to spend large amounts of money on upscale properties are hedging their bets and postponing major decisions until the situation either clarifies itself or is forced to go away.
In the meantime, for the average expat buyer, affordable family-oriented homes are still in demand in districts such as Tallaght and Lucan. For Britons looking for a safe haven not too far from British shores, finding a suitable property at an affordable price isn’t an impossible dream.
Comments » No published comments just yet for this article...
Feel free to have your say on this item. Go on... be the first!
