Property Prices In Cork Increase In 2020
The average price of a three-bed home in Ireland is now €284,000 - up more than 6% in the past 12 months.
According to the latest MyHome.ie property report, asking prices are now rising at their fastest pace in almost three years.
The median asking price in Cork is now €245,000- an increase of over 4% compared to last year, while prices in the city increased by roughly the same to €260,000.
A two bed apartment is costing an average of €190,000 while the cost of a four-bed semi has increased 8% to €320,000.
Davy Chief Economist Conall MacCoille authored the report and says he expects house price inflation to continue this year:
"People have saved a lot of money during the pandemic. They're able to get a mortgage from the bank, we're not seeing restrictions on mortgage lending. So that's a lot of extra money going into the housing market and with constrained supply, we think we'll see stronger house price inflation -around 3%- in 2021."
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