KBC says rise in house prices here is slower than many other places
The rise in house prices in Ireland is lower than many other places in the world, according to KBC Bank.
Prices are increasing on average 4.5% here compared to 5.5% in Europe.
However a close examination of our cities shows that many house sales in Cork have gone for 10% more than their guide prices over the past 12 months.
The rise is being attributed to pent up demand and a shortage of supply
Globally house prices are rising 13% in America, 9% in the UK and 30% in New Zealand.
Austin Hughes from KBC Bank says supply is Ireland’s main problem.
"One of the more striking issues in Ireland is that we have limited enough prices increases compared to what we're seeing internationally, but we also have a supply problem that again mimics probably New Zealand.
"But in most other countries we have much healthier markets where prices go up, they build a lot more, and then we get a lot more of a normalisation in market conditions."
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