With the release of the latest Daft.ie House Price Report showing the average house price below €200,000 for the first time in a decade, this post examines three different ways of calculating what house prices in Ireland “should” be. The most straightforward way is to adjust house prices for inflation, but this may not reflect the transformation of the Irish economy since the mid-1990s. Two other methods – comparing to incomes and to rents – both suggest that the average house price should be about €150,000, a fall of 60% from the peak. If this is true, prices may bottom out in Leinster as early as next year and elsewhere by 2014.
Ireland’s property market is currently in rewind. Homes now are at March 2005 values – or July 2004, if asking prices are 10% above closing prices. Figures from daft.ie, the Census and the Dept of the Environment allow an estimate of both the number of homes now worth less than when they were bought – about 725,000, or 40% of homes – and how many of those are in negative equity -about 340,000, or 20% of homes.
This week’s daft.ie report revealed some intriguing findings in relation to the current state and trajectory of Ireland’s property market. As was discussed yesterday, for example, while east peaked earlier than west, north has fallen further than south since the peak. One of the conclusions of both these findings is that Dublin and its commuter [...]
On Monday the latest daft.ie report came out, showing that asking prices had fallen just over 4% in the first three months of the year. Yesterday, I changed focus on the blog a little, as it was Budget day, and tried instead to put some numbers on what a potential property tax could raise. Today, [...]
Ireland’s property slump marked it second birthday today, with the news from the latest daft.ie report that asking prices for residential property fell 4.2% in the first three months of 2009. This latest drop in prices marks the eight consecutive quarter that prices have fallen. As the official press release notes, the national average asking [...]
An updated heat-map of changes Ireland’s property prices, to reflect the latest Daft Report (2008 Q4).
How did Roscommon’s property market fare in 2008, compared to Limerick’s? Why? For some thoughts on the above, and on South County Dublin, Cork City and Kilkenny, as a representative smattering of the regional tidbits in the latest Daft Report, you can catch a five minute or so interview on January 15′s Ireland AM on [...]
This is an unabridged version of my commentary on the latest daft.ie report (2008 in review), which is available at daft.ie/report. When we look back at 2008 in a few years time, I think it’s fair to say we will regard it as the annus horribilis for Ireland’s property market. In late 2006, we issued [...]
As those who’ve checked out/had to put up with my many word clouds on various different topics from Wicklow genealogy to Barack Obama will testify, I’m always looking for new ways to present data and information. For those with similar interests, a useful tool in that regard is Manyeyes, a free data visualization service offered [...]
