House prices in Ireland have surged in the last 12 months. Two separate reports have pointed to a 13 percent increase in house prices over the last twelve months, both in Dublin and nationwide. Property website myhome.ie, which is owned by The Irish Times, pointed to a ‘red hot’ demand outpacing supply as one of the main reasons for this increase in their latest quarterly report. According to MyHome, house prices nationally increased 13 per cent to €303,000 in the second quarter of 2021, breaking the €300,000 mark for the first time in recorded history. In Dublin specifically, they found the average price to be €412,000, representing a 10.6 percent increase on the year. Daft.ie, another property website, reported similar increases in the price of homes on its website, up 13 per cent on the year to €284,000, the highest such increase since 2015. This increase means house prices have increased for four consecutive quarters, the first time this has happened since 2014.
This substantial increase put house prices nationally 14.3 per cent lower than their highest-ever level in 2007. …