Thinking of buying or selling a property in Ireland? The Irish property market has been on a steady rise in recent years, with prices increasing by an average of 10% per year. This growth has been driven by a number of factors, including:
- A strong economy: The Irish economy has been growing steadily in recent years, creating jobs and increasing disposable incomes. This has led to an increase in demand for housing.
- Low interest rates: Interest rates have been at historic lows in recent years, making it more affordable to borrow money to buy a home.
- A growing population: The Irish population has been growing steadily in recent years, putting upward pressure on demand for housing.
- Foreign investment: Foreign investors have been buying up Irish property in recent years, attracted by the strong economy and low prices.
As a result of these factors, the Irish property market is currently in a state of flux. Prices are rising rapidly, and there is a shortage of supply. This has led to a number of problems, including:
- Homelessness: The rising cost of housing has led to an increase in homelessness in Ireland.
- Affordability: The rising cost of housing has made it increasingly difficult for people to afford to buy a home.
- Congestion: The rising population has put pressure on infrastructure, leading to congestion in cities and towns.
The Irish government is aware of the problems caused by the rising cost of housing, and is taking steps to address them. These measures include:
- Building more homes: The government is planning to build more homes in Ireland, in order to increase supply and bring prices down.
- Providing financial assistance: The government is providing financial assistance to people who are struggling to afford a home, such as grants and tax breaks.
- Reforming planning laws: The government is reforming planning laws in order to make it easier to build homes.
It is too early to say whether these measures will be successful in bringing down the cost of housing. However, the government is committed to addressing this issue, and it is likely that we will see further measures in the future.
In addition to the government’s measures, there are a number of things that individuals can do to help themselves afford a home in Ireland. These include:
- Save for a deposit: The biggest barrier to buying a home is the deposit. The government is providing financial assistance to help people save for a deposit, such as grants and tax breaks.
- Get a mortgage: A mortgage is a loan that you use to buy a home. Mortgages are available from banks and other financial institutions.
- Consider a shared ownership scheme: A shared ownership scheme is a way of buying a home if you cannot afford to buy one outright. Under a shared ownership scheme, you buy a share of a home, and the government or a housing association buys the rest.
- Rent to buy: Rent to buy is a scheme that allows you to rent a home with the option to buy it later. Under a rent to buy scheme, you pay a rent that is higher than the market rent, with the extra rent being put towards a deposit.
If you are thinking about buying a home in Ireland, it is important to do your research and understand the market. There are a number of factors to consider, such as your budget, your needs, and the current market conditions. By doing your research, you can increase your chances of finding a home that is right for you.
