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HOUSE PRICES IN Dublin will increase by 10 per cent or more this year, a report by Merrion Stockbrokers has said.
The price of property will also climb around the rest of the country by an average of around 6 per cent.
Merrion chief economist Alan McQuaid also said that bank lending must return to “normal” to sustain a growth in property prices.
Although there is evidence of pick-up in mortgage lending, it is hard to see how house prices can keep on rising indefinitely without the banks returning to more “normal” lending practices and making credit more freely available than at the moment.
The report comes after Finance Minister Michael Noonan told the Dail earlier this week that another property bubble is not developing in Dublin. Speaking at an event on Tuesday evening, Noonan reportedly said he wanted an increase in property prices.
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McQuaid said that the property market could not be sustained by “cash transactions and limited mortgage draw-downs”.
Overall the Merrion report is positive on Ireland’s economic prospects, forecasting GDP growth of 2 per cent this year climbing to 3.8 per cent in 2015.
The unemployment rate has “peaked”, according to the report, and should fall as low as 11.5 per cent this year.
McQuaid sounded a note of caution, however, on the prospect of deflation both in the Irish market and the broader Eurozone.
“At this point in time it looks like deflation rather than inflation is the bigger threat to the economy, and it is not just in Ireland.”
Merrion are forecasting deflation to remain at 0.5 per cent for 2014, well below the European target of 2 per cent.
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Re: the Somalia story. It’s very depressing how most of the comments on that article are either demanding that his citizenship be revoked, or that he lose his job. After all, from what is in that article he was trying his best to fix a broken country and risked his life!
Actually the Dow Jones was dropping as the President was speaking… not in the wake of his speech…nothing he said made that happen!
I watched his speech on CNN this evening . I thought he outlined his position clearly and that he had accepted that the measures which the US is about to take to help control their debt would not be enough as there hadnt been the political will in the city to go the full way and put through tougher measures. i would like to see some of the Irish politicians be as honest as I thought he was….
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