The below report provides an overview of key developments in the Irish residential market during the opening six months of 2018. Included in the report are the first quarter results on price performance by Sherry FitzGerald Research, together with an analysis of other key market indicators.
The opening quarter of 2018 has seen the continued recovery of agricultural land values in Ireland. Farmland rose by 0.9% in the quarter, while in comparison, prices grew by 0.3% in the opening quarter of 2017. Annually to Q1 2018, agricultural land values nationally increased by 2.2%.
The opening quarter of 2018 saw no relent in the strength of residential property price growth in Ireland, as the misalignment between supply and demand persists. House prices rose by 2.1% in the quarter, while in comparison, prices grew 1.9% in the opening quarter of 2017. Annually to Q1 2018, residential property prices nationally have increased by 8.6%.
2017 saw a sustained ascent in residential property prices in Ireland. Nationally, second-hand house prices grew by 8.4% during 2017, up from 5.2% in 2016. Price inflation took place at a marginally quicker rate in Dublin compared with the rest of the country, with prices in the capital increasing by 8.8%, in comparison to 7.9% outside of Dublin.