Residential property prices in Ireland rose by 7.9% in the 12 months to May 2025, up slightly from the 7.6% increase recorded in April, according to the latest figures released by the Central Statistics Office (CSO).
The nationwide price growth was driven largely by strong gains outside Dublin, where property prices jumped by 8.7%. In the capital, prices rose by 6.9% over the same period.
The median price of a home purchased between June 2024 and May 2025 stood at €370,000. At the high end of the market, Dublin’s A94 Eircode area in Blackrock posted the highest median price at €770,000. In contrast, the most affordable location was Castlerea (F45) in County Roscommon, with a median home price of €150,000.
Within Dublin, house prices rose by 6.8% while apartment prices increased by 7.2%. Fingal recorded the highest growth in house prices in the capital, climbing 9.3%, while Dún Laoghaire-Rathdown saw the lowest at 5.1%.
Outside Dublin, house prices jumped by 8.9% and apartments by 6.7%. The Border region—comprising counties Cavan, Donegal, Leitrim, Monaghan, and Sligo—led price growth with an 11.1% increase. The South-East region, which includes Carlow, Kilkenny, Waterford, and Wexford, saw a 7.7% rise.
Commenting on the figures, Trevor Grant, chairperson of Irish Mortgage Advisors, said the continued rise in house prices is making homeownership increasingly out of reach for many, especially first-time buyers.
“With property prices rising faster than incomes, and supply still falling far short of demand, the imbalance in the market is not going away,” Grant said. “The median mortgage for first-time buyers has surged by 36% since 2019, now approaching €300,000, and significantly higher in urban centres.”
Despite these affordability challenges, buyer appetite remains strong. “Mortgage approvals are at record levels, and one in three homes purchased by first-time buyers in 2024 were valued over €400,000—three times the share seen in 2019,” Grant noted. He added that new buyers now have average household incomes of around €85,000, a sign of the financial strain many face.
While mortgage interest rates have eased recently—with some lenders offering rates below 3%—Grant said the pressure remains severe. He cited data suggesting that one in six or seven homes are now selling for 20% above asking price.
He warned that the chronic undersupply of housing—just over 30,000 completions in 2024—remains the core issue. “We need at least 50,000 new homes annually for the next five years to meet demand,” he said.
Grant also pointed to persistent challenges for developers, including rising construction costs, planning delays, labour shortages, and utility connection backlogs. “Without targeted intervention to boost output and streamline development, house price inflation is set to continue,” he said.
