For many young people in Ireland today, getting on the property ladder can seem like a distant daydream. With inflation and the rising cost of living, we’re looking at the difference in Ireland’s house prices now vs 50 years ago.
Ireland’s house prices have become an issue, especially for the young. Buying your first home in Ireland is a task not for the fainthearted.
From the fast-moving nature of the property market to the shocking prices of homes across the country, trying to get your foot on the property ladder can feel like a pretty daunting prospect.
If it makes you feel any better, most first-time buyers across the island find themselves in the same boat, struggling with the rising costs and all the logistics that go into buying a house.
So, the next time your parents or grandparents tell you all about how they managed to buy their first home before they even hit their 20s, you can show them these shocking figures that highlight the difference in Ireland house prices now vs 50 years ago.
- For many young people in Ireland today, getting on the property ladder can seem like a distant daydream. With inflation and the rising cost of living, we’re looking at the difference in Ireland’s house prices now vs 50 years ago.
- Factors impacting the rise in house prices – increased demand, globalisation, and inflation
- Ireland house prices now vs 50 years ago – a huge increase across the board
- Variations across the island – prices in the city vs the country
- Ireland’s house prices – terrifying increases over the past half-century
Factors impacting the rise in house prices – increased demand, globalisation, and inflation
Ireland was a very different country back in the 1970s. On a positive note, the island has experienced huge economic growth over the past 50 years.
Economic boom periods, including the Celtic Tiger era of the late 1990s and early 2000s, created more jobs and increased disposable incomes. Thus increasing the demand for housing across Ireland.
Other factors impacting the rising prices of Irish houses now compared to 50 years ago include population growth and urbanisation in the main cities, which has seen large numbers of people move to places like Dublin, Cork, and Waterford.
Aside from that, limited housing supply due to strict planning regulations and slow permitting processes have further contributed to the boom in demand, which in turn impacts housing prices.
Various other factors, such as low interest rates on mortgages, foreign investment, and attractive government incentives, have also contributed to increased demand for housing in Ireland, which, in turn, pushes prices up.
Ireland house prices now vs 50 years ago – a huge increase across the board
Now that we’ve established the factors contributing to rising house prices across the country, we’ll examine the facts and figures to reveal the difference in cost over the past 50 years.
According to the Central Statistics Office (CSO), the average residential property in Ireland back in 1973 cost around the equivalent of €9,009. For those trying to buy today, this figure will undoubtedly seem unimaginable.
Fast-forward 50 years to 2023; figures from the CSO highlight that the average residential property price reached €366,653 in June of that year – almost 40 times the figure back in 1973.
Obviously, these figures will vary massively depending on location, property type, and size. However, it’s interesting to see a general overview of the average shift in property prices across the island.
Looking back throughout the decades, we can see a steady rise in prices, with the biggest jump taking place between the 1990s and 2000s. For example, the average residential property in Ireland cost around €88,664 in the 90s and jumped to a shocking €267,589 just a decade later.
Variations across the island – prices in the city vs the country
When we look at Ireland’s house prices now vs 50 years ago, we can see differing trends depending on location. For example, the CSO reveals that the average price of a house in the Irish capital comes in at an eyewatering €430,000.
In contrast, when you travel south to Ireland’s second-largest city – Cork – the average house price sits around €338,000 for an inner-city property – almost €100,000 less than the prices in the capital!
Similarly, house prices in Waterford come in just slightly lower than what’s available in Cork, with the average price around €318,550 in 2023.
If you’re wondering where to find the most affordable housing in Ireland, you’ll have your best luck if you travel out west. In County Limerick, the average house price is almost half that of Dublin, coming in at around €251,249.
Ireland’s house prices – terrifying increases over the past half-century
According to official statistics from the CSO, house prices across Ireland have increased to shocking levels over the past 50 years, rising by almost 400% since the early 1970s.
Unfortunately, for people trying to buy their first home, wages, while they have increased, haven’t quite managed to keep up with this rise. Therefore, it is becoming increasingly difficult for new buyers to get their foot on the property ladder.
So, if you’re getting disheartened with your property hunt in Ireland, just remember that everyone is in the same boat with the overwhelming increase in house prices now compared to 50 years ago.
READ MORE: Northern Ireland house prices now vs 50 years ago.
