Residential Property Prices in Ireland Show Modest Growth, Dublin Experiences Slight Decrease
According to the latest figures from the Central Statistics Office (CSO), residential property prices in Ireland have displayed modest growth in the 12 months leading up to June 2023. The national Residential Property Price Index (RPPI) increased by 2.2% during this period. However, the capital city of Dublin witnessed a slight decrease in prices, declining by 0.9%. On the other hand, prices outside Dublin saw an increase of 4.5%.
The discrepancy in average sale prices of houses in different areas of Ireland is significant. While the more expensive parts of Dublin recorded an average sale price of €630,000, areas like Leitrim and Longford saw prices as low as €160,000.
It is worth noting that there has been a decrease in the number of dwelling purchases by households at market prices. In June 2023, there were 4,025 such purchases, representing a decline of 1.7% compared to the 4,094 purchases recorded in June 2022.
The median price of a dwelling purchased between June 2022 and June 2023 stood at €318,000. Among the different regions, Leitrim and Longford reported the lowest median price for a house at €160,000, while Dún Laoghaire-Rathdown had the highest median price at €630,000.
Dublin experienced a decline in house prices by 1.1% and apartment prices by 0.2% during the same 12-month period. The highest growth in house prices within Dublin was observed in South Dublin, with a significant increase of 2.8%. However, Dublin City saw a decline of 3.8%.
Outside of Dublin, house prices saw a rise of 4.7%, while apartment prices increased by 2.3%. The South-East region, including Carlow, Kilkenny, Waterford, and Wexford, witnessed the most substantial increase in house prices at 5.5%. Conversely, the Border region consisting of Cavan, Donegal, Leitrim, Monaghan, and Sligo recorded a 3% rise.
The number of dwelling purchases at market prices in June 2023 decreased by 1.7% compared to the previous year. The median price paid for residential properties during the 12-month period was €318,000. Leitrim and Longford had the lowest median price at €160,000, while Dún Laoghaire-Rathdown had the highest at €630,000.
Viacheslav Voronovich, a statistician from the CSO prices division, highlighted that the most expensive Eircode area in the 12-month period leading up to June 2023 was A94 ‘Blackrock’, with a median price of €735,000. In contrast, F35 ‘Ballyhaunis’ had the least expensive median price of €127,500.
In conclusion, while residential property prices in Ireland displayed modest growth on a national level, Dublin experienced a slight decrease in prices. The variation in average sale prices across different areas of the country was significant. These developments indicate a dynamic and evolving property market in Ireland.
