In the first three months of the year the number of property sales has fallen by 13% compared to the sale time period last year. The combined value of the market has also fallen by 6.12% but the mean selling price has risen to €114,373 up from €106,017 which represents an increase of 7.88%.
Gerard O’Toole, Director of Tuohy O’Toole, commented that “the market is delicately poised. Whilst we have pent up demand, supply is very limited. This is leading to far less activity across the market. There are a range of reasons for this which include political instability, Brexit fears and faltering European & Chinese economies. Within the market, we are seeing increased competition for the better properties which underlines the pent up demand and severe lack of supply. In the short term, we do not expect to see supply side pressures easing and therefore prices are likely to continue to rise”.
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Gerard O’Toole- Tuohy O’Toole.