Property Investor information: Ireland
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Property Investor information for: Ireland
Ireland has a population of 5.4 million with 3.7 million in Southern Ireland and 1.7 million in Northern Ireland, with 69% of the population being under the age of 45. Real Estate prices increased very rapidly from 1997 to 2001, and prices have shown double-digit growth every year since. This growth is fuelled primarily by limited new housing supply and net positive inward migration of 50,000 people per year.
Ireland has one of the highest rates of home ownership in the world, currently standing at over 80%; and 95% of house sales are handled by qualified property professionals. Second hand house prices average €250,000 nationally and €340,000 in the capital city, Dublin. New homes are being built at record levels - almost 80,000 new homes were built in 2004, yet demand is still outstripping supply. Mortgage interest rates are at an all time low of under 4% (retail rate) and this is a major factor underpinning the market. Property prices seem set to continue rising due to employment growth, wage increases, low interest, inflation rates and demographics.
