Numbeo comparison: Irish property prices

Numbeo, “the world’s largest cost-of-living database”, crowd-sources global data relating to quality-of-life, cost-of-living and property price indices. In its cost-of-living by country index for 2021, the price comparison website lists Ireland as the 12th most expensive country in the world.

Numbeo’s property price index utilises several indices to compare information about residential property prices worldwide. These indices include:

• Price-to-income ratio: A basic measure for apartment purchase affordability (lower is better). It is calculated as the ratio of median apartment prices to median familial disposable income, expressed as years of income.

• Mortgage as percentage of income: A ratio of the actual monthly cost of the mortgage to take-home family income, estimated using the average monthly salary (lower is better).

• Loan affordability index: An inverse of mortgage as percentage of income (higher is better).

• Price-to-rent ratio: The average cost of ownership divided by the received rent income (if buying to rent) or the estimated rent that would be paid if renting (if buying to own). Lower values suggest that it is better to buy rather than rent, and higher values suggest that it is better to rent rather than buy.

• Gross rental yield: The total yearly gross rent divided by the house price as expressed in percentages (higher is better).

Credit: Alejandro Luengo Ireland Price-to-income ratio: 7.03 Mortgage as percentage of income: 49.04% Loan affordability index: 2.04 Price-to-rent ratio (city centre): 16.12 Price-to-rent ratio (beyond city centre): 14.42 Gross rental yield (city centre): 6.20% Gross rental yield (beyond city centre): 6.93%	Credit: K. Mitch Hodge Belfast Price-to-income ratio: 3.80 Mortgage as percentage of income: 25.68% Loan affordability index: 3.89 Price-to-rent ratio (city centre): 12.85 Price-to-rent ratio (beyond city centre): 12.93 Gross rental yield (city centre): 7.78% Gross rental yield (beyond city centre): 7.73%
Credit: Yves Alarie Cork Price to income ratio: 5.85 Mortgage as percentage of income: 39.51% Loan affordability index: 2.53 Price to rent ratio (city centre): 13.42 Price to rent ratio (beyond city centre): 12.41 Gross rental yield (city centre): 7.45%	Credit: Gabriel Ramos Dublin Price to income ratio: 8.69 Mortgage as percentage of income: 59.73% Loan affordability index: 1.67 Price to rent ratio (city centre): 15.30 Gross rental yield (city centre): 6.54% Gross rental yield (beyond city centre): 7.26%
Credit: Conor Luddy Galway Price to income ratio: 7.46 Mortgage as percentage of income: 53.07% Loan affordability index: 1.88 Price to rent ratio (city centre): 16.04 Price to rent ratio (beyond city centre): 16.06 Gross rental yield (city centre): 6.24% Gross rental yield (beyond city centre): 6.23%