REVEALED: Apartment prices are soaring in Kilkenny
That’s according to the latest Residential Property Price Barometer by IPAV, the Institute of Professional Auctioneers & Valuers
In Kilkenny, the prices for two-bedroom apartments were up 12.33% in the first six months of 2024 compared to the latter half of 2023.
That’s according to the latest Residential Property Price Barometer by IPAV, the Institute of Professional Auctioneers & Valuers.
During the same period, 3-bedroom homes in Kilkenny increased by 4.55% and 4-bedroom homes increased by 4.44%, according to the report.
Pat Davitt (IPAV’s Chief Executive) said with our growing population and a severe and pent-up lack of supply of homes, prices have continued to edge higher.
“It’s hardly surprising that the issue of the supply of homes and affordability is shaping up to be the number one issue in the country as we head for the forthcoming general election,” he said.
Davitt also states that the scarcity of both new and second-hand homes is a key factor driving today’s figures.
“The scarcity of housing is exacerbating challenges for both buyers and sellers,” he noted.
“Many potential sellers are hesitant to put their properties on the market due to the difficulty in securing an alternative home.
“More affordable prices, especially for apartments in rural Ireland, have not been taken full advantage of previously. Prices are still quite low and people are beginning to realise there is value there.”
A recent study by Savills found growth in the Irish population between 2015 and 2023 exceeded the delivery of new homes by a ratio of nearly four to one, with Ireland being an outlier in terms of the severity of the housing supply issue. Ireland’s ratio was 80% worse than that of the UK.
Mr Davitt said institutional/commercial investors are beginning to move outside of the Greater Dublin Area seeking properties that can command market rents, as opposed to those with capped rents.
“This is creating more competition in the marketplace with the investor winning in bidding wars as they can place these properties in the rental market,” he added.
“We have seen evidence of this in the most recent Daft.ie report. It presents another obstacle for the first time buyer attempting to acquire a home.
“House price rises of the magnitude we’re seeing are not sustainable,” Mr Davitt said.
“We need more stability in the market. We need a whole of Government approach - for individuals and families, for the health of our economy into the future and for the cohesiveness of our society.”