House Prices Continue to Climb, But Peak May Be Near
The Limerick real estate market has remained robust throughout 2024, with house prices continuing to rise, albeit at a more moderate pace compared to previous years. The average price of a second-hand three-bed semi-detached house in Limerick city increased by 1.8% in the last quarter, reaching €285,000, while county prices saw a slightly larger rise of 2.2%, hitting €235,000.
Shift in Rental Market Expected
A significant trend driving these price changes is the increase in landlords leaving the rental market, particularly due to expanded rent pressure zones across Limerick. This has led to a larger supply of ex-rental properties being listed for sale. As more landlords exit, a shift towards first-time buyers has emerged, who now represent 75% of all property purchases in Limerick. This, combined with rising interest rates, suggests the market may soon approach its peak.
Limerick, Ireland: A Rich History and Vibrant Present – Fascinating Facts and Insights
Finance Insights: Mortgage Trends and Challenges
As housing availability remains low and prices climb, potential buyers are feeling the pinch of rising interest rates, with many mortgage-approved buyers chasing the limited properties available. The average time to sell a home in Limerick has shortened to just three weeks in the city and four weeks in the county. Despite this demand, experts predict that further interest rate hikes may slow price increases and make homeownership more challenging for many.
Trending Topics: Sustainable Urban Growth and Infrastructure
In addition to real estate, the growth of Limerick’s infrastructure has caught the attention of local and national media. Recent urban development projects and the city’s efforts to enhance its sustainable infrastructure have been hot topics. These projects are crucial as they attract new residents and businesses, further driving demand for housing.
Read More about Ireland: Limerick Ireland Real Estate: A Comprehensive Guide
