Is the Irish property market about to overflow?

With year-on-year property price inflation topping 15 percent for the first time in seven years, according to Central Bureau of Statistics data released this week, the housing market is heating up.

But has it reached the boiling point, and if it has, will that boiling point cause people to get burned again?

Writing in The Irish Times this week, economics correspondent Eoin Burke Kennedy noted that the real estate cycle has “three distinct phases: boom, bust, recovery” and suggested that Ireland was about to enter a “busy phase”.

He pointed to “clear signs” that the Covid-induced price increase has reached a tipping point with higher costs of living and higher interest rates now likely to act as a constraint on buyers.

But what will the cycle mean for would-be homeowners in Ireland, and what will the looming interest rate hikes mean for mortgage holders, particularly the 300,000 tracker mortgage holders who have benefited from little more than 1 percent for the guts? of a decade.

And with supply improving as builders speed up developments, are prospects improving for people trying to find a home they can call their own?

In the News is hosted by reporters Sorcha Pollak and Conor Pope.

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