The effect of Covid 19 on the property market - earnest

The effect of Covid 19 on the property market

property market

How Covid-19 has led to the biggest shift in home-buying habits since the crash

 

‘We are going through a profound once-in-a-lifetime shift in the property market,” is how one estate agent described an extraordinary period during which Irish property prices have defied all predictions by holding firm or also increasing, sometimes substantially. The drift has been from Dublin to the regions.

Covid-19 hit us in March and soon afterwards experts were predicting the “cheapest house prices in ten years by Christmas”. But even the estate agencies were dumbfounded at what followed.

While prices did stumble in the first lockdown, from summer on they stormed back. It meant most postcodes in the capital were left even-steven on prices or else slightly up. But in other counties, substantial price increases were recorded for unexpected reasons.

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