Throughout the COVID-19 pandemic, house prices have remained very steady. However, analysts predict an increase in value of 4% for this coming calendar year.
This can be attributed to supply shortages with remote work increasing the demand on housing across the country. This anticipated increase varies across the country from 3% in Dublin up to 6% across Connaught and Ulster.
Prior to the pandemic, experts believed properties nationwide to be in danger of dropping in value of up to 15%, however time told that this was gladly not to be the case.
With the introduction of the current lockdown measures putting a stop to residential construction activities, the demand will unfortunately not begin to be met until sites start back again in February or March.
This is good news for property owners as their properties continue to rise in value but terribly disappointing for new homeowners waiting to move into homes, currently under construction.
“While Covid-19 has badly affected certain sectors, it has enabled prospective buyers who work in areas which haven’t been hugely impacted, such as pharma, tech, financial and the public sector, to increase their savings”TJ Cronin (Vice-president of the SCSI)