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House prices growing twice as fast outside cities in Covid exodus

Workers are still looking to move away from the cities despite the easing of Covid restrictions and the return of office life. This trend is now snowballing rather than slackening off.

Regional and town property prices have been increasing twice as fast as those in cities. The Average House Price Index report shows that the price of an average 3-bed semi-­detached home has risen a massive €3,500 a month since the end of June.

The biggest price rises came in commuter counties and bigger towns in anticipation of remote working. Price increases in Dublin, Cork, Limerick and Galway cities ranged much lower as a result, from 1.5% to 2.4%.

The race for larger homes for less money in high-­amenity locations has intensified in towns like Nenagh, where 3-bed semis that previously fetched €190,000 have sold for €235,000 – an increase of €45,000.

“The effect is being felt nationwide with counties such as Tipperary (9.2%), Donegal (8.4%) and Kilkenny (7.3%) all experiencing sharp rises in Q3 as buyers seek value locations,” said REA spokesperson Barry McDonald.

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