House hunters are turning to virtual viewings to find their dream home during the crisis.
Buyers and sellers are moving online after the coronavirus halted traditional viewings overnight.
Real Estate Alliance’s Barry McDonald said: “Many of our agents have used the past two weeks to accelerate the move to virtual viewings and online selling methods as the market adapts to the Covid-19 restrictions.”
The pandemic hit after a modest recovery in the first quarter, the Q1 REA Average House Price Index revealed.
The average cost of a three-bed semi-detached house in Ireland rose by 0.14% to €235,028. It came after a price drop of 0.63% in 2019.
In Dublin, a three-bed semi rose by 0.3% in the first quarter after a 4% drop last year. An average family home in the capital outside the city centre costs €427,167 – an increase of €1,333 on the December average of €425,833.
First-time buyers have been driving the market since the turn of the year.
REA, which represents more than 50 estate agencies, said the end of Brexit uncertainty renewed confidence. But it admits Covid-19 has hit hard.
Mr McDonald added: “We are suddenly in a time of uncertainty, and a pause button has been pressed, but the issue of a lack of supply remains.
“The State interventions of the past week are welcome in providing increasing levels of security and certainty to loan-approved buyers.”
However, he believes tough Central Bank lending rules will mean the impact of Covid-19 won’t be as severe as the crash of 2008.
