Dublin house prices soaring
House prices in Dublin are increasing by €80 a day, it was claimed tonight.
A group representing estate agents across the country said the average price of a new house increased by €20,000 to €233,000 nationally.
But the Institute of Professional Auctioneers and Valuers (IPAV) found that in Dublin the cost of a three-bedroom semi detached residence had soared by €30,000 to €380,000 in the capital in the last 12-months.
Independent TD Finian McGrath said: “It is a major issue today for young couples, they can’t get a foot on the housing ladder with many of them being forced to live at home into their 20s or 30s.”
Mr McGrath said that in his area, Dublin North Central, there are around 3,000 people on the housing list waiting for accommodation.
Almost 90% of auctioneers, who responded to IPAV’s survey last July, predicted that prices would continue to rise in the coming year.
“It is an absolute scandal that the Government are not taking this seriously as an issue,” Mr McGrath said.
The Independent TD said there had been many amendments and bills brought before the Dáil to reduce the price of land but nothing had been done about them.
“The Taoiseach said he would get around to doing something but that was two years ago. So why is nothing been done over the two-years ?
“They had the brass neck to abolish the first time buyers grant and then say they are concerned about housing.”
The survey showed that in the new home market, prices rose by around 8% overall over the past year, with similar second-hand homes costing around 3% more.
Labour Party spokesman Eamon Gilmore TD said: “The real expression of today‘s figures is that the cost of a new home in this country has increased by the equivalent of a person’s annual salary. This increase puts home ownership far beyond the vast majority of the population.”
Buyers could expect to pay about 40% above the national average price of €170,000 for a new one-bed apartment at the cheaper end of the market in the greater Dublin area.
Liam O’Donnell, chief executive of the IPAV, said he hoped government departments would pay attention to the survey.
“This year, property is expected to give a minimum return of 8% in capital growth which is excellent compared to other investments,” he said.
The survey showed people are paying out 3% less in for rented accommodation over the past year.
