Although some statistics begin to indicate the Irish property market is once more booming, is it too soon to be optimistic again?
While the data from the CSO (released in 2018) shows an increase of 12.3% in house prices at the end of 2017, they are still 23% lower than in 2007 when the market hit its peak period. But this rising trend is expected to continue for the foreseeable future.
The purchase of a home is one of the most important decisions of our life. It involves establishing a long relationship with a financial institution due to the need for financing.
And it is also a great personal commitment. So, what reasons do people have today to buy a house?
- Security of possession
In Ireland, there has always been a deep-rooted culture in relation to owning a property, being somewhat synonymous with a certain “success” in life, and security.
With savings products (funds and deposits) at a minimum, housing is once again shown as an investment that increases our assets in the short term and can bring benefits in the long term thanks to a possible sale.
- Start a new life
The reason may be to start a new stage in life, acquiring a property to create a family, create memories, and get attached to a physical place through emotional ties.
And, why now?
- Better prices
The general advice indicates that the average price per square metre for a typical family house, at the end of last year, in Galway was around €2,000 while in Cork it was €2,600. This has gradually increased since the lows of 2007 and the collapsed property market, indicating a positive trend.
- Great offers
Following a crisis situation, real estate offered typically becomes much wider in scope. And while some of the best bargains were snapped up post-crash, and in the years following, the current showcase of second-hand homes and even new ones, such as those being developed at Maydenhayes Square is great; with the possibility of finding the ideal property that best fits your needs, taste, and budget.
- Increased bargaining power
There is still something of an over-supply in the current market in Ireland. As such, the need to sell real estate means that buyers have greater bargaining power, and savvy buyers will be able to get a great deal on the property they have their eye on.
Yes, buying a home is a big deal – but, more importantly, it offers many benefits long term, and actually still works out cheaper than paying rent of an equivalent period – and ending up owning nothing.
You can quickly work out just how much money you’ll save not renting – and you’ll have the security of owning your own home for the rest of your life.