Property Prices in Ireland Continue to Rise for Fifth Consecutive Month

The Central Statistics Office reports a 5.4% increase in residential property prices in Ireland, with Dublin seeing a 4.5% rise and areas outside the capital experiencing a 6.1% increase.

Property prices in Ireland have continued to rise for the fifth consecutive month, as reported by the Central Statistics Office (CSO). According to the latest figures, residential property prices have increased by 5.4% in the 12 months leading up to January, up from 4.1% in the previous month. The Residential Property Price Index reveals that house prices in Dublin have gone up by 4.5%, while prices outside the capital have seen a 6.1% increase.

The Ireland housing market experienced a significant slowdown last year due to 10 consecutive interest rate hikes by the European Central Bank (ECB), making it more costly for potential buyers to borrow. Despite this, the demand for properties remains high, with interest in the market continuing to grow.

In January 2024, there were 3,621 dwelling purchases by households at market prices filed with the Revenue Commissioners, a slight decrease of 1.5% compared to January 2023. The total value of transactions filed in January amounted to €1.4 billion. The median price of a dwelling purchased in the 12 months leading up to January 2024 was €330,000, up from €305,000 in January 2023.

House prices in Dublin saw a 4.7% increase, while apartment prices rose by 3.9% in the same period. The highest house price growth in Dublin was observed in Dublin City at 6.2%, with Dún Laoghaire-Rathdown seeing a rise of 2.6%. Outside Dublin, house prices went up by 6%, and apartment prices saw a 7.4% increase. The Mid-West region (Clare, Limerick, and Tipperary) experienced the largest rise in house prices at 9.5%, while the Border region (Cavan, Donegal, Leitrim, Monaghan, and Sligo) saw a 2.4% increase. The lowest median price for a dwelling in the 12 months leading up to January 2024 was €165,000 in Leitrim, while the highest median price was €620,000 in Dún Laoghaire-Rathdown.

A94 'Blackrock' was identified as the most expensive Eircode area over the 12 months leading up to January 2024, with a median price of €720,000, while F45 'Castlerea' had the least expensive price of €134,000.

The continuous rise in property prices in Ireland reflects the ongoing demand for housing despite the challenges posed by interest rate hikes. The market remains dynamic, with varying price trends observed across different regions.