Latest data from the CSO shows that by the end of 2016, property prices across Ireland had risen by 8.1%. Prices increased by 8.2% in November, and by 4.6% for the full year compared to December 2015.
By the end of December, property prices in Dublin had risen by 5.7%, with residential property prices up 5.8% year-on-year and apartment prices up 7.9%. Furthermore, there were variations in property prices between the north and south of Dublin. Data provided by the Central Statistics Office shows that property prices in South Dublin saw the highest increase at 9.7%. Residential property prices in the rest of the country rose by 12.0% compared to December of the previous year, with the Western region seeing the largest increase at 17.8%; the Midland and Eastern regions saw smaller increases of 7.6%. As for apartments, prices outside of Dublin rose by 9.5% year-on-year.
Moreover, at the end of last December, there was significant discussion regarding two potential housing policy changes, leading some prospective buyers to wait and see. Once these policies are implemented, they will gain more purchasing power. The two potential housing policy changes are: first, relaxing mortgage restrictions for first-time buyers to reduce their financial burden; second, the government's announcement of a new Help-to-Buy scheme, providing first-time buyers with a tax rebate of 20,000 euros.
With these new policies, first-time buyers are expected to enter the market in large numbers, causing property prices to resume their previous upward trend. Therefore, seizing the opportunity is crucial. If you do not invest now, Irish property prices will continue to grow significantly.
As a "bridgehead" for overseas investors entering the European market, Ireland has long been a shining star in European immigration, thanks to its advantages as a "tax haven," high-quality talent, and government encouragement of research and development. Coupled with the development of the European economy and the continuous rise in Irish property prices, immigration to Ireland will attract increasing attention and favor from investors. Currently, there are various options available for the Irish Immigrant Investor Programme. Please contact Worldway Immigration Group for details. For more immigration information, please call: 400-138-2929.