Here are the latest updates in Ireland's mortgage and residential property sectors:

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🏡 Mortgage Market Developments

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         📉 Mortgage Rates Reach 18-Month Low: The Central Bank of Ireland reports that interest rates on new housing loans have fallen to 3.80% as of December 2024, marking the most significant decline in recent months.

          🔄 Increased Mortgage Switching Activity: With the European Central Bank reducing its main refinancing rate to 2.75%, there has been a notable uptick in mortgage switching among Irish homeowners seeking more favorable terms.

         🏦 Non-Bank Lenders Enhance Competition: Núa Money, a non-bank lender, has reduced its mortgage rates, intensifying competitive pressure on traditional banks and offering consumers more options.

🏠 Property Market Trends

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      💥 House Prices Surpass Celtic Tiger Peak: Property prices in Ireland have risen by 9.7% over the past year, placing them 15% above the peak levels of the 2007 property boom. The national median home price now stands at €350,000, with Dublin recording the highest median at €470,000.

      🌱 First-Time Buyer Activity at Record High: The number of mortgages drawn down by first-time buyers has reached its highest level since 2007, with over 51,000 approvals valued at more than €15.3 billion in the past year.

🏛️ Government Initiatives

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      🏚️ Calls to Renovate Vacant Properties: In response to the ongoing housing crisis, there are calls for the government to renovate over 14,500 vacant properties in Dublin, including 4,000 in the city center, to boost housing supply.

     🏗️ Leopardstown Development Plans: Discussions are underway to develop a portion of Leopardstown Racecourse into 1,000 social and affordable homes, aiming to address housing shortages in Dublin.

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These developments underscore the dynamic nature of Ireland's property market, highlighting both opportunities and challenges for buyers, homeowners, and policymakers. 🌍🏡📊