Ireland Property Market Sees Continued Growth with Rising Prices



The Ireland property market continues to grow with rising prices. July data shows a 1.5% increase compared to last year, driven by high demand and limited supply. Dublin experiences a decline while areas outside of Dublin see a notable 3.8% increase.

Property prices in Ireland continued to rise in July, according to the latest data released by the Central Statistics Office (CSO). The figures reveal a 1.5% increase in prices compared to the previous year, driven by a strong demand from first-time buyers, combined with a shortage of available houses. Additionally, prices in July rose by 0.3% compared to the previous month. However, despite the overall growth, Dublin experienced a decline, with prices falling by 1.4%, while prices in areas outside of Dublin saw a notable increase of 3.8%.


Ireland Property Market Sees Continued Growth with Rising Prices

Although property prices are still on the rise, the rate of increase has slowed down compared to previous months. In fact, the annual growth rate of 1.5% marks the slowest expansion rate observed in nearly three years, down from a staggering 13.1% growth rate during the same period last year. When examining the past 12 months leading up to July 2023, house prices in Dublin recorded a decrease of 1.8%, while apartment prices managed to increase slightly by 0.1%.

Breaking it down further, the area in Dublin that experienced the highest house price growth was Fingal, with a remarkable 1.4% increase. Conversely, Dublin City witnessed a decline of 4.5% in house prices. Outside of Dublin, house prices rose by 3.9%, and apartment prices exhibited a growth of 2%. Among the regions outside of Dublin, the South-East (comprised of Carlow, Kilkenny, Waterford, and Wexford) recorded the most significant rise in house prices, at 4.8%. On the other end of the spectrum, the Border region (including Cavan, Donegal, Leitrim, Monaghan, and Sligo) experienced a more modest increase of 2.2%.

In terms of the number of dwelling purchases in July, 4,174 households bought properties at market prices, which is a decrease of 6.1% compared to the same period last year when 4,443 purchases took place. The median price of a home purchased in the 12 months leading up to July stood at €320,000. Looking at the extremes, the lowest median price for a house during this period was €160,000 in Longford, while the highest median price soared to €630,000 in Dún Laoghaire-Rathdown. Furthermore, the most expensive Eircode area during this timeframe was A94 'Blackrock', with a median price of €735,000, while F35 'Ballyhaunis' boasted the least expensive price, at €127,500.

The CSO's national property price index currently stands at 167.4, which is 2.3% higher than its previous peak in April 2007, during the property boom. However, Dublin residential property prices are still 8.9% lower than their peak in February 2007, whereas residential property prices in the rest of Ireland have exceeded their peak in May 2007 by 3.6%. Looking back even further, property prices across the country have increased significantly since reaching their lowest point in early 2013, with a surge of 128.2%. Specifically in Dublin, residential property prices have risen by 125.5% since their February 2012 low, while residential property prices in the rest of Ireland have skyrocketed by 138.3% since their lowest point in May 2013.

Ireland Property Market Sees Continued Growth with Rising Prices

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