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International survey shows Irish house prices are back to normal

For the first time Ireland is not ranked in the seriously unaffordable and unaffordable markets

By
BERNIE MALONE,
IrishCentral Staff Writer
Published Tuesday, January 24, 2012, 8:23 AM
Updated Tuesday, January 24, 2012, 11:19 AM

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Irish properties are officially more affordable
Irish properties are officially more affordable
Photo by Google Images


According to a new international study, Irish house prices have returned to a normal affordability, while Vancouver has overtaken Sydney as the least affordable, after Hong Kong.

The Annual Demographia International Housing Affordability Survey took a sample of 325 metropolitan areas around the globe. The survey based their findings on the median multiple, that is the average house price, divided by the gross annual average household income of specific urban markets, for the third quarter of the previous year.

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Dublin and Limerick were the least affordable markets, while Waterford and Galway were rated as affordable. This is the first time that Ireland has no seriously unaffordable and unaffordable markets.

The survey states, “Historically, the Median Multiple has been remarkably similar in Australia, Canada, Ireland, New Zealand, the United Kingdom and the United States… being [on] the outer bound of affordability”.

Hong Kong is the most severely unaffordable housing while Australia, with its abundant land supply, has the most pervasive housing affordability problem. Overall, the United States is affordable.

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See more: Irish property , Irish economy , Irish business news , News from Ireland
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8 Comments

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angrypaddy | Jan 27, 2012, 04:38 AM EST
Its just a tax trap!buy a house in Ireland and they have you for life.TAX,TAX,TAX.

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FastEddy | Jan 25, 2012, 01:30 PM EST
... except for taxes ... New Irish income taxes will kill this spurt in home buying. " 'Been down so long it looks like up to me ..."

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ciaradexy | Jan 25, 2012, 10:59 AM EST
Woo hoo! Now some of us can finally buy a house!

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patcheen60 | Jan 24, 2012, 09:01 PM EST
There are over 440,000 on the live register in Ireland. I wonder if this survey took that little tid-bit of information into account? In general, property prices in Ireland have reached a level, where they are now affordable to anyone who holds a decent job, with future prosepcts. There was one voicer below, who stated his wish to buy a retirement home in Ireland. I too would love to purchase a home to return back to when I retire but sadly, unless you are going to rent it out, it's not safe to have a property sit there unattended. I honestly believe, if Ireland was a safer place to purchase a holiday home, a lot of Americans would take advantage of the stronger dollar now and this woud help in removing this excess glut of dilinquent mortgages off the banks books. Go figure....houses are finally affordable but crime against property has never been so rampant. If it's not one thing... it's another.

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joycean | Jan 24, 2012, 01:55 PM EST
This group uses a simple formula to determine affordability: median gross household X 3. So if the median household income is $50,000; an affordable house would be less than $150,000.

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SeamusMartin | Jan 24, 2012, 12:22 PM EST
Housing pricess in Erie are still way too much. I'd love to retire there, but..$$$!

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sirpeter | Jan 24, 2012, 11:47 AM EST
You're not normal anyway that's for sure.

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LoyalCitizen | Jan 24, 2012, 10:50 AM EST
Average mid terrace house in 1990 34,000 Punts...........Average mid terrace house in 2012 134,000 Euros?.........Both figures are questionable..............What the hell is normal? ............Abnormal figures from abnormal people who live in lala land.

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