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Interestingly, many estate agencies are predicting house prices may jump 5-10% in border towns like Mayo and Monaghan if Brexit finally finds it flow. For the first time in six years, the Westmeath land price broke the €8,000/ac mark. The latest Irish and international property market news and opinions, plus helpful guides and top tips from our renowned industry experts. Around the country, house prices rose in 2019 but they didn’t peak at the predicted 4.2%. The Savills Blog. Property analysts predict that the housing market revival will continue this year. RELATED: 11 Often Overlooked Considerations When Buying a House in Ireland. Examining the damage done and the influences that will help or hinder recovery, we look back on our January predictions to see what we should now expect in Ireland’s post-COVID-19 property market. Related to that, unemployment is expected to drop to 4.6%, it’s lowest rate since 2005. Predictions for the Property Market in 2020 As a new decade begins, what’s in store for homebuyers and property investors in 2020? On a year by year basis, Savills believes 2020 house prices will end the year 4% higher than at the start. The first is the fact that Ireland’s economy was in a relatively healthy position when the outbreak occurred. Experts also say there could be benefits from a ‘Brexit bounce’, though whether free trade negotiations will prevent that is still to be seen. Save Report Create New Alert. The start of 2020 saw a number of positives for the Irish residential property market: the supply of new housing was increasing and the Irish economy in general was performing well, with almost full employment. The CSO median cost of a home in Castlebar, Mayo, is currently €145,000 and €148,000 for Monaghan Town. Certainly, this is possible if strict lockdown restrictions stay in situ and household incomes continue decreasing. By how much? But it looks like affordability will remain a big issue. Secondly, with the Central Bank’s strict mortgage lending rules in place, Irish household debt has fallen from a peak of €203 billion in 2008 to €135 billion. 2019 Prediction #1: House Prices Rose – But Not as High as Predicted. Browse our market research. Report saved. This includes funding for 25,000 new homes to be built in 2020. So, they were the predictions and outcomes of 2019. Author Bio: Kelly Edwards is an interior design and home improvement, specialist. People who were planning on putting their house on sale may also hold back from doing so until they can be satisfied they’ll get their asking price. Alongside brand new estates, many builders are returning to finish the job that was cut short by 2008’s crashing economy. However, several factors influence the rise and fall of a new pad’s price tag. Thanks to Brexit uncertainty, many SMEs were reluctant to draw down credit with the result that over half of Irish SMEs now have no bank debt whatsoever compared to 25% in 2012. Nationally, they’ve increased by 83.1% from 2013’s low but are still 17.9% lower than their 2007 peak. Read on to see how we think it’s likely to fare throughout the rest of the year. But while that would support Ireland’s strategy for attracting investment, it will also likely bring attention back to its 12.5% corporate tax rate, which both the Organisation for Economic Co-operation and Development (OECD) and the EU have sign-posted for reform. The submission is good news for the market which saw construction sites reopen on 18 May. RELATED: How to Buy and Sell Property During the Coronavirus. If you’re thinking about buying a new home, then read on for an in-depth analysis of what to expect in 2020. Including a loan limit of three and half times gross income and a first-time buyers deposit of 10%, these rules have placed a harder ceiling on borrowing. Prediction #5: Economic Growth – Despite Our Worries. She has gained an in depth understanding of the industry by immersing herself in the industry since she was 18... Around the country, house prices rose in 2019 but, Still, it wasn’t all gloom. That said, construction workers, including builders, roofers, and landscapers, have been one of the first groups allowed back to work in the first phase of the restarting the economy, which gets underway this month (May) and already some sites have reopened. Secondly, with the Central Bank’s strict mortgage lending rules in place, We will be posting the latest updates on there as well as our, Revising 2020 Irish Property Market Predictions in a Post-COVID-19 World, We took a deep dive into all of them here. Of course, as with our earlier predictions for the Irish property market in 2020, unforeseen influences can send everyone back to the drawing board. But what do the experts – and our own research – tell us is likely to steer the property market in 2020? Odile Evans on 24 Mar 2020. But this cap has also been hailed as the reason many first-time buyers can’t get a foothold on the property ladder. In Dublin alone, up to 183 sites downed tools while work across the Republic stopped on 33,000 new houses and 17,000 apartments. How this will be managed is unknown as yet, and certainly issues such as location and price need to be part of the mix. However, several factors influence the rise and fall of a new pad’s price tag. RELATED: Top Tips for Getting a House Surveyed, Prediction #4: The Impact of Brexit – But the Sky Didn’t Fall In. And as they’ve committed to maintaining the stringent mortgage measures throughout 2020, hopeful home-owners aren’t out of the woods yet. 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