Rowan Fitzgerald Auctioneers brings you the latest insights into the thriving Limerick property market. According to a recent report by IPAV, Limerick has outpaced national averages, boasting impressive property price increases.

In the latter half of 2023, while the national property prices saw a 2.99% rise, Limerick’s increase soared to an impressive 4.84%. This surge is particularly notable across various property types, with three-bedroom properties experiencing a 3.39% increase, four-bedroom properties at 5.90%, and two-bedroom apartments seeing a rise of 5.24%.

Pat Davitt, the Chief Executive of IPAV, noted the resilience of Limerick’s property market despite substantial increases in recent years. He anticipates further growth, projecting potential rises of up to 5% in the coming year, attributing this optimism to the ongoing scarcity of supply coupled with strong demand, including interest from non-Irish nationals and returning emigrants.

With only 32,695 new builds in 2023, there’s a pressing need to meet housing demands, especially considering the historical target of 33,000 homes per year. Mr. Davitt suggests revising this target upwards to over 60,000 annually, emphasizing the urgency of addressing the housing shortage.

Additionally, CSO data highlights a concerning gap between housing stock and population growth. While housing stock has risen by 5% since the 2016 census, the population has grown by 8%, indicating a growing demand-supply disparity, particularly in certain counties.

The latest census figures underscore this trend, with the population reaching 5.2 million and showing a significant increase of 100,000 in just the last year. This data underscores the critical importance of addressing housing supply issues to sustainably meet the needs of Limerick’s growing population.

For expert guidance and insights into the dynamic Limerick property market, trust Rowan Fitzgerald Auctioneers, your premier partner in real estate and auctions in Limerick City.