The average cost of a house in Limerick City have increased by almost 10% in the last three months.
The latest Daft.ie report shows the average asking price for a house in the city was €212,681 -a 9.3% increase compared to the previous quarter and a 5.2% year-on-year increase.
According to Daft, the asking price for a three-bed semi-detached property in Limerick city at the end of September was €186,000 while a similar property in County Limerick cost an average of €122,000.
Commenting on the findings, Dr. Ronan Lyons, economist at Trinity College Dublin has warned of a “worsening scarcity” of property on the market.
“The significant fall in completion of new homes to be registered in 2020 may prove a temporary blip. Nonetheless, the level of new home construction even in 2019 was barely half of underlying need. While the public health emergency clearly dominates policymaker attention currently, longer-term challenges should not be forgotten.
“It all comes back to supply, supply, supply. The ultimate reason prices are rising again is that there are simply not enough homes in the country, given the population and its demographics,” Dr. Lyons added.
Across Munster, listed prices increased by an average of 6.1% between June and September.
The average listed sale price nationwide at the end of September was €263,750.