The Climb Continues
Contrary to the popular and widely publicised forecasts of market moderation, and even the potential slump posed by the ECB rate increases, the ESRI stats for the first quarter of 2006 showed continued growth (3.5 % for the quarter) in property prices.
Relative to the same period last year where only 1% growth was recorded, these figures actually show a substantial acceleration in the market. The year on year growth also shows no restraint; quite the opposite in fact, with the period March 05 - March 06 showing a price escalation of 12.1% compared to the mere 7.5% rise in the preceding 12 month time span.
Although still too early to completely gauge the effects of the ECB rate increases, we can surmise that the market has not been negatively affected thus far and as such the upward trend continues. A deceleration is predicted but withstanding that, forecasts of 10% growth for 2006 have been proposed by Permanent TSB's Niall O'Grady.
Relative to the same period last year where only 1% growth was recorded, these figures actually show a substantial acceleration in the market. The year on year growth also shows no restraint; quite the opposite in fact, with the period March 05 - March 06 showing a price escalation of 12.1% compared to the mere 7.5% rise in the preceding 12 month time span.
Although still too early to completely gauge the effects of the ECB rate increases, we can surmise that the market has not been negatively affected thus far and as such the upward trend continues. A deceleration is predicted but withstanding that, forecasts of 10% growth for 2006 have been proposed by Permanent TSB's Niall O'Grady.
