16 Feb 2017
Are there still bargains to be snapped up in the property market in Ireland? On a nationwide basis, the answer is most definitely yes.
Soaring Dublin house prices have grabbed the headlines, but the rest of the country still offers great value. And even the capital is not too pricey in many areas. (Just read to the end for five houses under €100,000!).
How much does a house cost?
Nearly a third of all properties sold in Ireland last year went for under €100,000, according to the Property Price Register. Over half of the houses sold changed hands for under €150,000, while two-thirds were priced at €200,000 or lower.
Only 6% were priced over €500,000, of which four out of five, not surprisingly, were in Dublin.
The capital city had a 23.2% hike in property prices in 12 months up to the end of July 2014, the latest Central Statistics Office (CS0) Irish property price survey shows.
Yet they were still 43% lower than they were in early 2007.
House prices outside Dublin
Outside Dublin, it's a very different story with the market just beginning to recover. July 2014 showed a yearly increase of just 4.9%.
The average house price outside the capital is €155,000 – one third lower than in Dublin - the latest DKM/EBS Affordability index (released in May 2014) showed.
The Affordability Index measures the percentage of income a couple of First Time Buyers (FTBs) need to service a mortgage.
For Dublin FTBs this shot up from under 14% in 2012 to almost 25% in 2014.
However, even this is a long way off the peak in 2006 when FTB couples had to fork out 32% of their income.
While Dublin buyers are under pressure from competition and scarcity – homes beyond the Pale remain quite affordable, the index showed.
The affordability figure for a FTB couple outside Dublin is 16.6%, the report shows.
Which counties are the most affordable?
The report also comes in handy for pin-pointed which counties offer the best value.
Only five counties – Dublin, Wicklow, Kildare, Meath and Cork – had an affordability figure above 15%.
In the four most affordable counties - Longford, Leitrim, Roscommon and Cavan – the level of net income needed to buy a home is extremely low at less than 8%.
If you're looking to buy a house for under €100,000 here are a few examples of what you can get. (September 2014).
5 houses under €100,000*
12 Bramblewood, Kingscourt, Co. Cavan
A nice Semi-D of this size would set you back a million euro in Dublin 4. Drive for an hour and twenty minutes up the N2, however, and you can snap one up for a fraction of that – just €75,000.
The house looks nicely turned out and is just 1km away from the town of Kingscourt.
48 Dun Darrach, Longford
These 1560 sq. ft. detached homes are priced from €40,000. Not surprisingly, that's the uncompleted price. For an extra €35,000 - €75,000 - they come fully built, complete with handy stuff like wiring and stairs.
Meggagh West, Carron, Co. Clare
This four-bedroomed bungalow is on a 0.4 of an acre site with nice gardens. It has four large bedrooms – two with ensuites – as well as a family bathroom. It's in good nick but could do with some modernisation, according to the brochure. But at a price of €78,000, you should be able to afford the new kitchen and central heating system that it recommends for this property.
The Baths, Church Road, Bundoran, Co. Donegal.
Despite its name, this detached property does not include a swimming pool. But with four nicely-presented bedrooms for a €100,000 price tag - you won't be complaining.
Ballyteigue, Kilmore Quay, Co. Wexford
Fancy some old-world charm? There's oodles of it in this thatched cottage located near the picturesque fishing village of Kilmore Quay. The brochure describes it as being "in excellent condition." Not bad for €95,000.
Thinking of buying your own home?
You can also use our mortgage calculator to find out how much you may be able to borrow.
And don't forget you can chat through your mortgage options at a 30 Minute Mortgage Meeting.
*Information correct at time of writing.
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