House prices will continue to rise in 2024, property advisors DNG have forecast. 

A market review by the company found the average price of a second hand home rose nationally by 4.3% last year, although in Dublin it was only 1.8%.   

DNG Director of Research Paul Murgatroyd expects similar growth for 2024 due to a lack of supply. 

“We require more rental accommodation, we require more social and affordable housing - which the Government is making great strides [on] with [its] Housing For All action plan,” he said. 

“We also need more property in the private purchase market.”

Young people in new apartment blocks in the dockland area of central Dublin.

Every week last year, some 400 first time buyers bought their first home and Mr Murgatroyd this means demand in the market will remain strong. 

“Our research shows that last year, in the Dublin market, approximately 60% of all second hand homes that were purchased were done so by first time buyers,” he said. 

“So, there is a strong young demographic there that is keen to get on the housing ladder.”  

Over the past decade, house prices in Ireland have increased by 55%, compared to the EU average of 50%.

Main image: Houses in inner city Dublin.