House prices rise again across Cork

Average house prices in Cork city have increased by 1.2% in the past three months, according to a national survey conducted by the Real Estate Alliance (REA).

The price of an average second-hand three-bed semi-detached house in Cork city is now €420,000, up from approximately €415,000 three months ago.

The average in Cork county has also increased - up 1% - to an average of €272,900 for the same house. The increase in prices in the second-hand market is a result of scarcity of housing stock and increased competition among buyers, according to Michael O’Donoghue, of REA O’Donoghue & Clarke, Cork.

“Property prices will continue to increase in 2026,” he said, “and whilst demand remains strong, it will be interesting to see what the impending interest rate increase will have on the market.”

He also said properties with high-BER ratings are the most sought after.

“Overall demand is strong for all property types throughout the city and county, but properties with a low BER rating can take a bit longer to sell due to the stratospheric increase in building and renovation costs,” he said.

According to ERA, estate agents in Cork reported that the BER ratings of properties saw A-rated properties command 10% price increases in the city, and 15% across the county in comparison to comparable C-rated properties.

Agents said homes that require upgrade works are “sitting on the market” while bidders concentrate on ready-to-enter properties.

The average time taken to reach sale agreed this quarter was five weeks in the city, and four across the county.

Cork city had the highest average house cost in Ireland outside of Dublin, where the average price is currently €600,120.

Donegal remains the cheapest county nationwide, where the average price standing at €222,500, but the county has also seen the largest percentage increase - 3.5% in the last quarter.

Nationwide, the average house price sits at €367,988, having risen by 0.9% in the previous three months.

This is the first time that a quarterly increase has been under 1% in over two years.

O’Donoghue also claimed new rent controls brought in this year have had a “detrimental” effect on the rental market, with “landlords continuing to exit the market”.

The Residential Tenancies (Miscellaneous Provisions) Act came into effect on 1 March this year.

The legislation has been criticised both for causing landlords to “flee” the private rental market, and for driving up rents for tenants.