Active market but price sensitive
The CSO released the April 2016 figures relating to residential prices today. In relation to Dublin, the data shows that residential property prices increased by 1.6% in April and were 4.6% higher than a year ago. This is the second monthly increase the index has shown, however it had been falling for the previous four months.
Commenting on the Dublin residential market, David Byrne of Lisney said:
“The Dublin market is active but price sensitive. A lack of supply of houses continues to drive prices forward, however growth has been more moderate. The Central Bank’s mortgage lending regulations make affordability an ongoing and significant issue in Dublin. The rules are constraining buyers’ capacity to purchase and in instances where vendors’ expectations are greater than what the market has to offer, houses can remain for sale for some time. However, properties which are correctly priced are trading well and there remains demand amongst buyers in all price categories. But houses at the upper end of the market are more affected by global economic events, in particular, Brexit.”