In yet more bleak Dublin housing news, it’s just been revealed that house prices are now at the highest levels they’ve been since the Celtic Tiger.
The average price paid for a house in Dublin in February was €370,000 – 9.3 times more than the average salary of €39,753, as reported by The Irish Times.
That ‘average’ salary is still a lot higher than many people in the capital earn, and since you can only borrow up to 3.5 times your salary amount for a mortgage, owning a house is more out of reach than ever.
These figures from the Central Statistics Office also showed that the average price of a house bought in Ireland’s most expensive area of Dún Laoghaire-Rathdown was €541, 667.
Head of housing charity Threshold, John Mark McCafferty, told Newstalk, “People are effectively locked out of home ownership. Especially younger people and people on middle incomes.
“Some will now spend the rest of their lives in the private rented sector and that puts huge pressure on that sector, especially given the affordability issues and the lack of security of tenure that many people face.”