Residential property market may be 'overvalued by 7%'

The Economic and Social Research Institute has warned that the residential property market in Ireland may be overvalued by over 7%.

However, it also suggests that house prices might also be propped up because inflation in the cost of building has reduced the number of new homes being built while demand remains high. It also says potential delays in the planning system should be identified and addressed before Ireland moves to building large amounts of offshore wind power.

Research Professor at the Economic and Social Research Institute Kieran McQuinn has said the economy has been robust and resilient over the past few years and it has continued to grow for the first part of this year. The economy will continue to grow next year due to a strong performance in some sectors such as in ICT and pharmacy which have been"somewhat immune to the kind of international pressures in recent years and that has allowed the Irish economy to, in some respects, kind of buck the international trend and continue to grow", he explained.

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Irish property market likely to slow down with house prices overvalued by 7%, ESRI saysCost-of-living squeeze and higher interest rates likely to cool market, says think tank, but too early to say if prices will fall IrishTimes House prices in Ireland are overvalued by far more than 7% 🙄
Source: IrishTimesBiz - 🏆 6. / 77 Read more »

Irish property market set to slow down with house prices overvalued by 7%, ESRI saysCost-of-living squeeze and higher interest rates likely to cool the market, says think tank, but too early to say if prices will fall I think it's overvalued by about 25%. Rents are overcharged by about 40%. The housing racket of FFG is all very dodge. They are over valued by 55%. Shite..my house value only just recovered
Source: IrishTimes - 🏆 3. / 98 Read more »