Few parts of the State bucked the trend. Prices in Dublin were, on average, 0.6 per cent lower than a year previously, while in Waterford city they were 0.5 per cent lower. “Cork and Galway cities saw larger falls in year-on-year terms, of 3.3 per cent and 2.1 per cent respectively,” the property website said.
Overall, report author Ronan Lyons said that quarter-on-quarter increase in listed prices nationally was likely due to “seasonality” within the market. Dr Lyons said there is a growing gap between underlying demand within the economy and effective demand – demand backed by the ability to pay – due to soaring borrowing costs for homeowners.
A separate report published on Monday by consultancy Turner & Townsend indicates that Dublin has slipped in a global ranking of the most expensive cities in which to build. However, with average construction costs of €3,409 per square metre, the capital is now the second most expensive city in the EU after Munich.