Fall in value of housing more than offset by increase in worth of financial investments
The net wealth of Irish households rose by €6 billion in the second quarter of the year to hit a record €1.07 trillion. Photograph: Thomas Trutschel/Photothek via Getty Images
The net wealth figure, detailed in the Central Bank’s latest quarterly financial accounts on Thursday, equates to more than €202,500 for every man, woman and child in the State. That is based off a population figure of 5.283 million for the Republic as of last year, according to Central Statistics Office data published in September.
Global equities, measured by the MSCI All Country World Index, advanced almost 6 per cent during the reporting quarter, though global investment-grade bonds dipped 1.5 per cent in value, according to Bloomberg data.Insurers know the answer to Irish flood cover problem “Investment in new housing totalled €2.7 billion over the quarter, above the post-pandemic average. However, with negative revaluations for existing properties of €5.5 billion, the value of total stock of housing declined by €2.8 billion and stood at €695 billion in the second quarter of 2023,” the Central Bank said.Dublin house prices have been declining on an annual basis since May, according to CSO figures.
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