In February, Irish property prices rose by 8% year-on-year, reflecting a decrease from January's 8.2%. Notably, Dublin's median property price reached €360,000, with Dún Laoghaire-Rathdown being the most expensive area at €670,000. Independent economist Austin Hughes notes a calming trend in house price inflation that has eased for six consecutive months, driven by uncertainty in the job market and demand-supply imbalances. The data also reveals a rise in first-time buyer purchases, suggesting continued interest in the property market despite price moderation expectations over the next few years.
"The February increase of 8pc is still strong and the pull-back is limited, but Irish house price inflation has eased now for six months in a row, having accelerated for the previous twelve months."
"However, further cuts in interest rates and a continuing shortfall in supply mean that we are likely to see a slowdown but not a slump in Irish property price inflation."
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