Residential property prices rise by 6.1% over year to January

The ‘midpoint price’ of a home in the 12 months to January was 305,000 euro.

Residential property prices in Dublin rose by 4.3% (PA)

By Cillian Sherlock, PA

March 15 2023 11:58 AM

Residential property prices rose by 6.1% in the 12 months up to January, with prices rising by 4.3% in Dublin and by 7.4% in the rest of the country.

The overall figure is down from 7.7% in the year to December 2022 and from the “high values” of 15.1% in the 12 months to February and March last year, according to the Residential Property Price Index from the Central Statistics Office (CSO).

In Dublin, house prices increased by 4.3% and apartment prices were up by 4%.

The highest house price growth in Dublin was in South Dublin at 9.8%, while Dublin City saw a rise of 1.3%.

Outside Dublin, house prices were up by 7.6% and apartment prices rose by 4.8%.

“The region outside of Dublin that saw the largest rise in house prices was the Border (Cavan, Donegal, Leitrim, Monaghan, Sligo) at 10.1%, while at the other end of the scale, the Mid-West (Clare, Limerick, Tipperary) saw a 6.7% rise,” CSO statistician Viacheslav Voronovich said.

The “midpoint price” of a home in the 12 months to January was 305,000 euro.

The lowest median price paid for a dwelling was 151,500 euro in Longford, while the highest was 630,000 euro in Dun Laoghaire-Rathdown.

The most expensive Eircode area over the 12 months to January 2023 was A94 ‘Blackrock’ with a median price of 755,000 euro, while F35 ‘Ballyhaunis’ was the least expensive at 127,500 euro.

In 2022, a total of 63,544 dwelling purchases at market prices were filed with the Revenue Commissioners, with a value of 22.5 billion euro.

Of these, 13,519 purchases were made by “non-household entities”, an increase of 15.1% on the 11,749 purchases made by them in 2021.

The total value of these purchases was 4.6 billion euro in 2020, an increase of 31.8% on the 2021 value.

These entities also sold 20,668 dwellings at market prices in 2022, an increase of 19.7% on the 17,268 dwellings sold by them in 2021.

The total value of sales by non-household entities in 2022 amounted to 7.6 billion euro, an increase of 32.6% on the 2021 value of 5.8 billion euro.

Companies and institutions with registered address outside of Ireland spent 356.9 million euro on purchases of residential dwellings, a decrease of 36.8% on 2021.

The latest CSO figures show that households purchased 3,675 dwellings at market prices in January 2023, up by 4.4% compared with the 3,519 purchases in January 2022.