Cavan prices low but seeing steep rises

Cavan has the third lowest average price for a three-bed semi in the country.

In its latest report, the Institute of Professional Auctioneers and Valuers (IPAV), shows an overall price increase of 6.36% across the country in the first six months of this year, when compared with the previous six.

Average prices in Cavan now stand at €163,333, the fourth lowest figure in the country. Only Longford (€140,000), Roscommon (€153,750) and Tipperary (€161,667) have lower prices.

Looking at a breakdown of property types, a three bed semi in Cavan is the third lowest in the country. Despite a 7.58% rise in prices over the first six months in the year, the local county has an average of €177,500. Only Longford and Leitrim have lower prices.

Average prices for two-bed apartments locally stand now at €107,500, while a four bed home costs an average of €205,000.

In the latter section, Cavan saw above average price growth but still has the fourth lowest price in the country. Cavan saw average prices for four bed homes rise by 7.89%.

The Breffni county, meanwhile, was one of only two counties to see double digit growth in prices for two bed apartments.

Cavan’s average rose by 10.62% to €107,500, with IPAV noting “this was from a very low base as Cavan apartments are the fourth cheapest in the country”.

Surprise

IPAV Chief Executive Pat Davitt notes the European Central Bank’s 0.5% interest rate rise in July was a surprising decision.

“It took the market somewhat by surprise, not just the fact that it amounted to a full half percentage point but because some senior ECB figures in the preceding months had dampened expectations of such rises happening at all.”

He also observes a slowing in price rises over the six month period at the start of this year.

“In fact, in the first four months of this year the overall increase would be about 10% but changes during May and June brought the six months figure to 6.36%.”

He differed with speculation of a property crash similar to that at the end of the Celtic Tiger. Some have cited prices reaching 2007 levels as a sign continuing rises are becoming unsustainable.

Pat Davitt though assures the country is “in a very different place now”.