Prices achieved for Cavan apartments up 4.6% - IPAV
The price of an apartment also rose in counties Donegal, Westmeath, Offaly and Kilkenny.
Prices actually achieved for two-bedroom apartments in County Cavan were up 4.6% in the first six months of 2024 compared to the latter half of 2023; while three-bedroom homes increased by 7.32% and four-bedroom properties increased by 5.15% over the same period. That’s according to the latest Residential Property Price Barometer by the Institute of Professional Auctioneers & Valuers (IPAV).
Meanwhile, the four highest increases in the entire barometer in the first six months of this year were in respect of apartments: Westmeath was up 14.44%; Offaly 13%; Donegal 12.69% and Kilkenny 12.33%. The barometer indicates that nationally prices have been on an upward trajectory since the third quarter of 2023 with overall prices for two-bedroom apartments and three and four-bedroom houses in the first six months of 2024 up over five per cent on those in the latter half of 2023 and over eight per cent in the year.
Apartments experienced higher levels of increases than houses, despite coming from a low base, and this trend was apparent nationwide with the exception of Dublin.
Pat Davitt IPAV’s Chief Executive said the country’s growing population - now estimated at 5.38M - which rose by 98,700 in the year to April 2024 according to CSO figures published in August, coupled with a “severe lack of supply of homes” are forcing prices to edge ever higher.
“It’s hardly surprising that the issue of the supply of homes and affordability is shaping up to be the number one issue in the country as we head for the forthcoming General Election,” he remarked.
“More affordable prices, especially for apartments in rural Ireland, have not been taken full advantage of previously. Prices are still quite low and people are beginning to realise there is value there.”
A recent study by Savills found growth in the Irish population between 2015 and 2023 exceeded the delivery of new homes by a ratio of nearly four to one, with Ireland being an outlier in terms of the severity of the housing supply issue. Ireland’s ratio was 80% worse than that of the UK.
Mr Davitt said institutional/commercial investors are beginning to move outside of the Greater Dublin Area seeking properties that can command market rents, as opposed to those with capped rents.
“This is creating more competition in the marketplace with the investor winning in bidding wars as they can place these properties in the rental market. We have seen evidence of this in the most recent Daft.ie report. It presents another obstacle for the first time buyer attempting to acquire a home," he concluded.