The Irish property market is on an upward curve again after several years of steep decline following the collapse of the country’s economy in the late 2000’s. While a gradual improvement in Ireland’s overall economy has helped, there are other factors in the strengthening of the housing market.
A decision by the Irish government in 2016 to cap deposits for first-time buyers at 10% has enabled young adults in their 20s and early 30s to purchase homes, having previously been priced out of the market. Even though house prices are steadily rising, people are better able to afford them now compared to four or five years ago.
However, a lot of Irish adults continue to rent property as they are still unable to afford purchasing outright. Some are quite happy to continue renting as it offers more flexibility if the person’s circumstances change, e.g. a change of job requiring a move to a different city. Also, renting often protects people from fluctuating property prices, even though rental values in Ireland have exploded in the last two years.
That said, there remains a desire amongst many to make the big leap to owning property outright. As the purchaser of a house, you can build equity on it over time, something that isn’t available to renters, while you also have the option of renting or sub-letting it if you wish to make some extra cash. Another major plus point of buying over renting is that you can customize the house exactly how you want it. Do you find the kitchen too small? No problem; let’s get it extended!
This infographic from Easy Life Cover outlines some of the key trends in the Irish property market and educates readers on the steps involved in purchasing a house.