The price of a new home is rising again.
A new analysis by RTE shows the average price of one of the country’s biggest neighbourhoods is now up 6.8 per cent in the year to September, while the average sale price in the area is up 7.3 per cent.
In Arras, the median price for a property sold in the past year rose from €1.2 million to €2.2m.
The average price for the next 12 months is also up 6 per cent, to €1 million.
The increase in the average value of a property is also due to the strong demand for homes in the capital, said the report.
“The market is more sensitive to demand than many other areas of the City,” said Tom O’Sullivan, the head of real estate at RTE.
“The availability of homes in Arra and in the suburbs has helped to drive the average property value up.”
It is not the first time that demand for a home in the city has been on the rise.
A number of factors have been driving the market since the start of the year.
The recession hit the country hard and the economy has been struggling with the impact of the financial crisis.
As the recession ended, there were fewer jobs in the construction industry and the number of vacant properties rose.
At the same time, the number and number of people living in Arranches homes also increased.
Meanwhile, rents in the region rose by 5 per cent last year to €3,000, according to the latest figures from the Office of Housing.
There are also more people living with their parents or grandparents in Arrangements properties, where the rents are higher, and the demand for accommodation has also risen, with the average rental price up 6 percent last year.
The average price in Arranged Properties increased by 3.3 percent, compared to a 4.1 per cent increase in neighbouring Arras.
Rents in Arrange Properties are up by 2.3 percentage points in the last 12 months.
However, a majority of those properties in Ararrans are owned by just one family.
A similar increase is seen in neighbouring suburbs where the average rent is up 5.3 points.
The market has become more competitive over the last few years, and a number of properties in the country have seen a significant rise in their value.
Last year the average house price in neighbouring South Arrangement was €1,622, but this year it has risen to €4,200.
One of the biggest rises in the price of properties is in nearby Arras and neighbouring North Arrangment.
Since the beginning of the decade, the average market price for homes on the south of the city was up 5 per the north of the same area.
But last year the median house price for Arras in the north rose by just 0.5 per cent compared to the median increase in North Ararrays.
Despite the increase in prices, there are still a lot of properties for sale in Arrs.
Over the last year, the amount of homes for sale on the market in the North Arraras area has increased by 28 per cent to almost 1,500.