Residential property prices in Ireland rose by 6.6% in the 12 months to November, easing from 7.2% in October, according to new figures from the Central Statistics Office (CSO). Monthly house price growth for November was 0.3%, with October’s growth rate revised slightly to 7.2% from 7.3%.
The CSO reported that property prices outside Dublin saw stronger increases than in the capital, rising by 7.9% compared to 5% in Dublin. In the capital, house prices increased by 4.8% and apartment prices by 5.6%. Dublin City recorded the highest house price growth at 5.7%, while Fingal saw the lowest at 3.7%. Outside Dublin, house prices were up 7.7% and apartments rose by 10.5%, with the Midlands (Laois, Longford, Offaly, and Westmeath) experiencing the highest growth at 13.8%. The Mid-West and South-East regions both recorded increases of 6%.
The median price of a home nationally in the 12 months to November was €384,000. Dún Laoghaire-Rathdown had the highest median price at €677,000, while Donegal recorded the lowest at €190,000. The most expensive Eircode area was A94 (Blackrock, Dublin) with a median price of €830,000, and the cheapest was F45 (Castlerea, Roscommon) at €150,000.
Revenue Commissioners reported 4,074 home purchases filed in November, valued at €1.8 billion, consisting of 3,166 existing homes and 908 new homes. Of these, 1,589 were purchases by first-time buyers. The CSO noted that residential property prices nationally have risen by 176.2% since their trough in early 2013. Dublin residential property prices have risen by 170.7% from their February 2012 low, while residential property prices in the rest of Ireland are 190.5% higher than at their trough in May 2013.
Trevor Grant, chairperson of Irish Mortgage Advisors, said the main driver of house price inflation is the shortage of homes combined with strong demand from a growing population. He noted that while government housing targets have consistently fallen short, December saw twice as many housing starts as November, which could signal a turning point in the housing crisis. Last year, 16,412 housing starts were recorded, the lowest since 2016.
Mr Grant highlighted that house price inflation remains steep in many rural areas, often exceeding increases in Dublin. “The extent of house price inflation in many rural areas has led to frustration and despair for many locals as they are being increasingly priced out of their home towns and villages. Steep house price inflation in commuter counties such as Wicklow, Westmeath and Carlow has forced those seeking to buy in the commuter belt further afield,” he said.
The latest figures underline the continuing pressures in Ireland’s property market, with rural and commuter regions experiencing rapid price growth while Dublin shows slower, but still significant, increases.
