Like many countries in the Western world, Ireland was badly affected by the global market crash of 2008. After a prolonged period of boom at the start of the 21st century, the country then experienced a sharp recession which was reflected in the drastic fall of house prices in the years that followed. Houses with an asking price north of €500,000 were, in a few short years, going for less than 40% of that figure.
However, the Irish economy is slowly picking itself up off the floor after that knockout blow of a decade ago and property prices are on a consistent, steady rise. The median house price in the country climbed back above the €200,000 mark during the summer while the average house price grew by almost 9% in the first six months of 2017 alone.
Indeed, the most pressing housing issue in Ireland right now is the inability of supply to meet demand. The construction that was rife in the late 1990s and early 2000s was put on the backburner when the market crashed and has been very slow to resume. The country’s population is growing, especially in terms of immigration, and the demand shows no sign of slowing down.
This infographic from Easy Life Cover (https://www.easylifecover.ie/over-50s-life-cover/) examines trends in the Irish housing market and advises on the pros and cons of buying versus renting property in Ireland.