Second-hand property prices climb 4.5%
The average price of a second-hand property in Ireland rose by 4.5% during the second quarter of 2005, estate agents Sherry FitzGerald said today.
This follows growth of 4% during the opening quarter.
The pace of inflation in the Dublin second hand market however was notably stronger at 6.4% for the second quarter, bringing the rate of increase to 18.5% for the 12 months to June 2005. This compared to a total growth rate of 16.6% during 2004.
The pace of growth in Cork was also strong with 5.4% recorded in the quarter resulting in growth of 9.4% in the year to date.
Marian Finnegan, chief economist, Sherry FitzGerald said; “These latest results confirm that 2005 is going to be another phenomenal year for the Irish property market.”
Looking to the future, Ms Finnegan suggested the trend evident during the opening months of 2005 will continue throughout the remainder of the year, resulting in very strong price inflation.
“The potential for any interest rate increase has now largely been eliminated, a factor which will underwrite the price performance in the remainder of the year. As such there is every reason to believe that overall price growth will reach 15% in Ireland while price growth in Dublin could approach 20%.”
