Ireland in facing a price rise in property as more people are working from home. In the annual statement released by the Society of Chartered Surveyors Ireland (SCSI) two out of three agents predict an increase in property prices across the country for the next year.
Different areas will see different rises like Dublin has the highest prices there for they will see a rise of 3pc whereas Connacht and Ulster which have the lowest prices will see a rise of 6pc. There are also middle ground areas such as Leinster and Munster who will also see rises of 4pc to 5pc
The society’s vice president, TJ Cronin, went into further detail about what many chartered agents expect to happen.
“Sixty-two percent of the chartered agents and auctioneers who are predicting prices will rise, say it is because of the lack of supply of new and second-hand homes, while 33pc say economic performance and the impact of Covid-19 on output will be the key drivers,” stated the Society’s vice president TJ Cronin.
He continued by saying that 2021 will continue to dictate the levels of the market as 2020 did with the pandemic.
“We can see that the transition to working from home has led to a re-ordering of priorities and is driving interest in larger properties in regional locations with good broadband and lots of amenities, as well as holiday homes in secondary locations,” he said.
“The trend away from urban areas is also reflected in the survey’s price projections, with agents in Dublin forecasting the lowest growth and agents in Connacht/Ulster the highest.”
Apart from this Covid has also affected the rental sector also this is also because people are not willing to rent at higher prices and landlord had no choice but to give reduces rents but the board is certain that this is a one off thing that will only happen because of the pandemic.
The one thing they did find in this report is that the demand is not being met by the supply and it will take over another 10 years for the supply to make it to par with the demand and the demand being over 60,000 living units.
Different areas will see different rises like Dublin has the highest prices there for they will see a rise of 3pc whereas Connacht and Ulster which have the lowest prices will see a rise of 6pc. There are also middle ground areas such as Leinster and Munster who will also see rises of 4pc to 5pc
The society’s vice president, TJ Cronin, went into further detail about what many chartered agents expect to happen.
“Sixty-two percent of the chartered agents and auctioneers who are predicting prices will rise, say it is because of the lack of supply of new and second-hand homes, while 33pc say economic performance and the impact of Covid-19 on output will be the key drivers,” stated the Society’s vice president TJ Cronin.
He continued by saying that 2021 will continue to dictate the levels of the market as 2020 did with the pandemic.
“We can see that the transition to working from home has led to a re-ordering of priorities and is driving interest in larger properties in regional locations with good broadband and lots of amenities, as well as holiday homes in secondary locations,” he said.
“The trend away from urban areas is also reflected in the survey’s price projections, with agents in Dublin forecasting the lowest growth and agents in Connacht/Ulster the highest.”
Apart from this Covid has also affected the rental sector also this is also because people are not willing to rent at higher prices and landlord had no choice but to give reduces rents but the board is certain that this is a one off thing that will only happen because of the pandemic.
The one thing they did find in this report is that the demand is not being met by the supply and it will take over another 10 years for the supply to make it to par with the demand and the demand being over 60,000 living units.
