International house-prices study: Irish homes affordable again
A study of house prices in 325 English speaking cities throughout the world shows prices in Ireland are now back within reach of workers.
The Demographia International Housing Affordability Survey found housing in Waterford to be the most affordable followed by Galway, Cork, Dublin and finally Limerick.
The definition of affordable is that houses cost around three times the annual income of people living in the city.
This makes Dublin more affordable than Limerick, despite higher prices in the capital.
Galway and Waterford were the first cities outside North America to be rated affordable in the eight-year history of the prestigious survey.
The study says: "For the first time, Ireland had no seriously unaffordable and no severely unaffordable markets. Ireland is the only nation without metropolitan markets in the severely unaffordable and seriously unaffordable categories."
