Price pressures in Limerick have, for the first time, seen a trend towards apartment living in the city centre.
Traditionally, the city centre apartment stock was almost entirely rental stock, often taken up by students.
The move has been driven by rocketing house prices and a dearth in new builds, which has seen demand continuing to outstrip supply.
Prices in Limerick increased by over €10,000 in the final quarter of 2024, with an average annual rise of 16% according to the REA House Price Index.
This was twice the rate of increase in commuter counties, which rose by 7.5% over 2024.
At the start of this year, the same index noted that the price of the average second-hand three-bed semi in Limerick City has increased to €325,000, up 1.6% from €320,000 in the previous three months.
Rowan Fitzgerald Auctioneers & Letting Agents said apartments were increasingly being viewed as a viable living option rather than as merely an investment.
"The desirable areas of Limerick are traditionally Castletroy, Annacotty and Raheen, but they have become increasingly expensive," explained Mr Fitzgerald.
"People are often surprised to find the asking price has already been offered before bidding has started.
"As a result, areas like St Mary's Place are increasingly being considered as an option.
"Apartments in the area and on O'Connell Street or Ennis Road are all being looked at more and more.
"In the past, the apartment was not seen as a home but more as an investment, but in the last two or three years, that has been changing.
"A trend we are seeing is apartment blocks changing from being primarily rented to being more owner-occupied.
"We are also seeing parents who can afford to buy apartments for their children if they are students in the town, rather than paying the rent and then selling them on after they graduate."
