Asking prices for homes in Ireland fell for a third consecutive quarter, according to a report, adding to signs of a slowdown in the country’s property market.
(Bloomberg) — Asking prices for homes in Ireland fell for a third consecutive quarter, according to a report, adding to signs of a slowdown in the country’s property market.
The typical asking price for a home dropped 0.3% in the first quarter of 2023 compared to the previous three months, although that’s still 3.2% higher than a year ago, according to a report by property portal MyHome.ie.
The findings add to evidence some of the heat may be coming out of Ireland’s housing market, following a similar report from property website Daft.ie last week. Recent mortgage approval data and house price figures from the country’s Central Statistics Office both showed a drop in recent months.
Read more: Irish House Prices Set for Worst First Quarter in a Decade
Asking prices in Dublin slumped 0.8% over the quarter, while they rose 0.2% in the rest of Ireland, MyHome.ie said.
The figures suggest pandemic-era valuations are now cooling off, said Conall MacCoille, author of the report and chief economist at Davy. “However, as 2023 progresses the tight market, resilient economy and, crucially, the easing of the Central Bank’s mortgage lending rules should support Irish house prices,” he added.
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