Residential property prices in Ireland rose by 8% in the 12 months to February 2025, according to new figures released by the Central Statistics Office (CSO). Although the rate marks a slight slowdown from the 8.2% increase recorded in the year to January, it highlights the continued upward trend in the housing market.
The CSO reported that price growth remains stronger outside of Dublin, with property values rising 8.7% in regional areas compared to a 7.1% increase in the capital. Despite Dublin’s relatively slower pace, the city still records some of the highest property prices in the country.
Nationally, the median cost of a home now stands at €360,000. Dún Laoghaire-Rathdown tops the list as the most expensive area to purchase a property, with a median price of €670,000. In contrast, the least expensive county was Leitrim, where the median cost of a home is €185,000.
Among Eircode regions, Blackrock in County Dublin ranked as the priciest, with a median house price of €747,750. On the other end of the scale, Castlerea in County Roscommon offered the most affordable housing, with a median price of €148,000.
According to the CSO, national property prices have soared by 161.6% since their lowest point in early 2013, following the financial crisis. They now stand 17.3% higher than the previous peak in April 2007, during the height of the Celtic Tiger boom.
Gerry Griffin, Senior Mortgage Advisor at NFP Ireland, said that while the pace of growth has eased slightly, the underlying issue remains the same: demand continues to outstrip supply. Urban centres in particular are seeing the strongest pressure on prices,” he said.
Griffin noted that while mortgage interest rates are beginning to soften, this is unlikely to significantly improve affordability for many prospective buyers. “Even with slightly lower rates, repayments remain high due to the elevated cost of homes. Lower borrowing costs can help with access to credit, but without a meaningful increase in housing supply, they risk simply pushing prices even higher,” he warned.
He advised potential buyers to be cautious and to focus on long-term affordability rather than stretching to the upper limits of their borrowing capacity.
As demand continues to grow and housing supply remains constrained, experts say further policy action may be needed to address the imbalance and prevent continued escalation in property prices, particularly for first-time buyers and lower-income households.
