A recent report by the Irish Property and Valuation Institute (IPAV) unveils encouraging trends in Limerick’s property market, particularly for Rowan Fitzgerald Auctioneers. According to IPAV’s Residential Property Price Barometer, Limerick has witnessed a notable surge in property prices, outpacing the national average.

While the overall national property price increase for the latter half of 2023 stood at 2.99%, Limerick boasted an impressive rise of 4.84%. This upswing was particularly pronounced in specific property categories, with three-bedroom properties experiencing a 3.39% increase, four-bedroom properties surging by 5.90%, and two-bedroom apartments seeing a 5.24% rise.

IPAV’s Residential Property Price Barometer provides valuable insights into the actual prices achieved by auctioneers, offering crucial data for property professionals like Rowan Fitzgerald Auctioneers. Commenting on these findings, Pat Davitt, IPAV’s chief executive, emphasized the resilience of Limerick’s property market despite significant increases in recent years.

Davitt noted that the persistent scarcity of supply, coupled with strong demand from both domestic and international buyers, contributes to the robustness of Limerick’s property market. He highlighted the potential for further price rises, projecting increases of up to 5% in the coming year, barring unforeseen crises.

The report also underscores the ongoing imbalance between housing supply and demand, with Davitt pointing out that despite progress, new builds in 2023 still fall slightly short of historical targets. Moreover, he referenced Central Statistics Office (CSO) data revealing a notable gap between housing stock and population growth, suggesting a persistent need for additional housing supply.

For Rowan Fitzgerald Auctioneers, these insights provide valuable guidance in navigating Limerick’s dynamic property market. By leveraging the latest trends and projections, they can tailor their services to meet the evolving needs of clients while maximizing opportunities for growth and success.