Residential property in Roscommon, Leitrim & Longford
The residential property market in Ireland has been a topic of discussion for several years now, especially after the economic crisis that hit the country in 2008. However, in recent years, the market has been showing signs of growth, and it is expected to continue in that direction in the coming years.
Factors Affecting Property Valuation in Ireland
According to recent reports, the average price of a home in Ireland has increased by 4.3% in the past year, with the average cost now standing at €284,000. While this is still lower than the peak levels seen before the recession, it represents a steady increase over the past few years. One of the reasons for this is the strong economy, which has resulted in a rise in employment rates and a corresponding increase in demand for housing.
The Irish government has also introduced several measures to support the housing market in recent years. For instance, the Help-to-Buy scheme was launched in 2017 to help first-time buyers get on the property ladder. Under this scheme, eligible buyers can receive up to €20,000 in tax relief on the purchase of a new home. Another initiative that has been introduced is the Rebuilding Ireland Home Loan, which provides affordable loans to first-time buyers who meet certain criteria.
The Irish government has also introduced several measures to support the housing market in recent years. For instance, the Help-to-Buy scheme was launched in 2017 to help first-time buyers get on the property ladder. Under this scheme, eligible buyers can receive up to €20,000 in tax relief on the purchase of a new home. Another initiative that has been introduced is the Rebuilding Ireland Home Loan, which provides affordable loans to first-time buyers who meet certain criteria.
Foreign Property Buyers
The Irish property market is also attracting overseas investors, especially from the US and UK. The low interest rates, combined with the strong economy, have made Ireland an attractive destination for those looking to invest in property. This has resulted in an increase in the number of residential property transactions in recent years.
Challenges
However, there are still challenges facing the residential property market in Ireland. One of the most significant challenges is the lack of affordable housing. The demand for housing is still outstripping supply, which is driving up prices, making it difficult for many people to get on the property ladder. The government has acknowledged this issue and has introduced several measures to address it, including the construction of social housing and increased support for developers who build affordable housing.
Another challenge is the impact of Brexit on the Irish property market. The uncertainty surrounding the UK's departure from the EU has led to some investors adopting a wait-and-see approach, which has resulted in a slowdown in the market. However, the long-term impact of Brexit on the Irish property market remains unclear.
Another challenge is the impact of Brexit on the Irish property market. The uncertainty surrounding the UK's departure from the EU has led to some investors adopting a wait-and-see approach, which has resulted in a slowdown in the market. However, the long-term impact of Brexit on the Irish property market remains unclear.
Conclusion
In conclusion, the residential property market in Ireland is showing signs of growth, with prices steadily increasing over the past few years. The strong economy and government initiatives have made it an attractive destination for overseas investors, but challenges such as the lack of affordable housing and the uncertainty surrounding Brexit remain. However, with the government's commitment to addressing these issues, the future of the Irish property market looks positive.
