A majority of Irish estate agents believe housing prices will soon level off despite expecting further increases of 5% over the next year, according to a new survey by the Society of Chartered Surveyors Ireland. The SCSI survey of 175 estate agents found that 60% believe prices are approaching a plateau, while an additional 16% think the market has already peaked.
However, nearly 90% describe current residential property prices as “expensive or very expensive” – the highest figure recorded by the organization. Supply shortages continue driving price inflation, with 51% of agents citing lack of availability as the primary factor behind rising costs. This represents an increase from 46% last year and 35% in 2023, reflecting worsening market conditions.
The findings align with recent Daft.ie data showing house price inflation reaching a ten-year high, with typical properties costing €357,851 – 13% higher than last year and 40% above pre-pandemic levels. SCSI President Gerard O’Toole emphasized the severity of supply constraints, noting that 70% of agents report low stock levels. He linked these shortages to recent construction slowdowns and called for urgent infrastructure improvements.
The survey highlighted acute affordability challenges, particularly for first-time buyers. A hypothetical couple earning €107,000 combined (a garda and nurse) would face shortfalls of €65,000 in Wicklow and €22,000 in Kildare when purchasing an average three-bedroom semi-detached home, even with Help to Buy assistance.