If you own a home in Ireland, then you may be thinking to sell your property and perhaps thinking about whether it is the proper time to do that. Last year, there was nice growth observed in the property market, however, presently the growth rate has slowed down a little bit.
Although Ireland is still considered the strongest property market in the EU despite a little dip in the market, however, house prices may again bounce back this year and you need to closely observe the market dynamics.
Oliver Tighe is one of the London-based property Solicitors, who will offer free advice on all matters related to property in this region including tenancies, rental best practices, economic impacts, and legal rights.
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The most important thing to consider if you sell your house in Ireland?
The following are the few factors that must be considered while selling any house in Ireland.
1. Summer climate
The first factor is, due to the prevailing summer season, most people prefer to look for houses as the weather is comfortable. As a result, your property can also look very attractive to your prospective buyers.
By virtue of the present season, many sellers can get the chance to obtain a premium price for their house.
2. Less competition now
The second factor is, as the availability of a number of houses for sale is very much limited, and as a result, you can hope for less competition for your house, which can also easily help you get a higher price.
3. Economic factors
Another important factor to consider is to keep in mind that demand for housing property can be affected by economic factors too, such as changes in bank interest rates.
4. Observe the market trends
Market trends are also another factor and hence you must take an informed decision as far as deciding about timing to sell.
5. Whether Irish house prices will fall in 2023
As there is still a very high demand for houses and supply is still very limited, hence you cannot expect any significant dip in the price of any property in Ireland during the initial months of 2023.
There is a possibility that the market may remain stable, with a little increase in property price. Property prices may not rise as much as was seen last year as demand may decrease and supply may start recovering.
Conclusion
There is no doubt that the property market in Ireland was quite exciting and in the last year, there was tremendous growth in the market. However, supply still remains stretched all across the country, and also new rules are coming up.
For investing in property in 2023, Ireland offers a great market. During the early part of 2023, Central Bank amended its rules to permit approved first-time buyers to borrow almost 4 times their income.
Hence, for first-time buyers, there will be competition in the market and there can be an increase in buyers as owner-occupiers. However, it will be a slow market and prices may decrease slightly, but nothing can be predicted exactly at present.