RURAL HOME PRICES SOAR
People moving out from Ireland’s cities
THE race for remote working space and the urban flight from cities is driving a huge rise in property prices outside major cities, a survey has found.
Average house prices have risen by € 3,500 per month since the end of June, with selling prices in commuter areas and small towns increasing by more than double the growth experienced in major cities.
A massive demand for properties outside the capital has seen unexpected quarterly rises in towns such as Nenagh, Tipperary, where scarcity of supply and bidding wars meant that three-bed semis have sold at 23 per cent above their recent value — an increase of €45,000.
The REA Average House Price Survey concencentrates on the actual al sale price of Ireland’s s typical stock home, the three-bed semi, giving a picture of the second- hand property market in towns and cities countrywide.
Price
The price of a threereebedroomed semi- detached house across the country rose by 4.1 per cent over the past three months to € 264,056, representing an annual increase of 12 per cent. The biggest rises in the third quarter came in commuter counties and the country’s large towns a as buyers continue to m move further from the capital in anticipa pation of long-term rew remote and hybrid working.
They are being joined by a surge of interest from expats, anxious to re return to Ireland aft after the pandemic, with more set to return whe when family homes b become available. Th The rural and commuter area increases are double those being experienced in Ireland’s cities.