DUBLIN, Ireland: In the third quarter of this year, property asking prices saw a notable increase of four percent, marking the second consecutive quarter of growth, according to a report by MyHome.ie.

The data revealed buyers were willing to pay a three percent premium over the asking prices in September.

Annual asking price inflation stood at three percent in Dublin and 4.9 percent in other parts of the country. On average, sellers listed their properties for €330,000, while the average selling price for a home in Dublin reached €425,000. Additionally, properties are now selling for three percent above their asking prices.

The report also highlighted that the average mortgage approved for first-time buyers reached a record high of €298,800, reflecting a four percent annual increase. However, the number of houses available for sale remains lower than pre-pandemic levels, with 13,400 properties on the market in the third quarter compared to over 20,000 before the pandemic.

Conall MacCoille, the report's author, attributed the robust housing demand to the economy's strong performance and high employment levels. He added, "The Irish housing market has been less liquid than other countries, so less vulnerable to the unexpected rise in ECB rates."