Property prices in Ireland are now rising at a rate of €2,000 every month, according to the latest report from property website Daft.ie.House prices in the country are now almost 12% higher than they were a year ago and property price rises in Dublin are back to outpacing the national average.
The report also warned that property prices will continue to rise for the next five to 10 years unless drastic action is taken. However, the surge in prices is actually tempting more people to sell at the moment, with the number of properties being listed for sale continuing to rise.
More than 6,000 properties were listed for sale in May, the highest monthly total since the middle of 2008. But despite this, the current level of homes available to buy is nowhere near enough to meet demand, housing experts said.
The latest evidence of the ongoing surge in prices comes as the Government said it is reviewing the help-to-buy scheme, a move that prompted fears of a rush to buy in the coming months.
The average asking price for a property in Ireland during Q2 2017 was €240,000. This was 11.7% higher than a year previously. During the second quarter alone, Irish property prices increased by 4.3%, matching the rise in Q1.