Real Estate Prices in Ireland Continue Upward Trend, Up 6.1% in Latest Data

Latest data from CSO shows 6.1% rise in Irish property prices, with Dublin up 5.6% and areas outside capital up 6.5% over the past year.

Real estate prices in Ireland have shown a consistent upward trend, marking the sixth consecutive month of increase, as per the latest data released by the Central Statistics Office (CSO). The report indicates a notable 6.1% rise in residential property prices over the 12-month period leading up to February, surpassing the 5.4% growth recorded in the previous month. Specifically, the Residential Property Price Index highlights a 5.6% increase in prices within Dublin, while areas outside the capital have seen a more significant uptick of 6.5% compared to the previous year.

Delving deeper into the data, house prices in Dublin experienced a 5.9% surge, with apartment prices also on the rise by 4.5% during the same timeframe. Among the different regions in Dublin, Dublin City witnessed the highest growth in house prices at 7.7%, while Fingal saw a more modest increase of 4.5%. Outside of Dublin, house prices climbed by 6.3%, and apartment prices saw a substantial 9.1% increase. The Mid-West region, encompassing Clare, Limerick, and Tipperary, emerged as the area with the most significant rise in house prices at 10.8%, whereas the Border region, including Cavan, Donegal, Leitrim, Monaghan, and Sligo, saw a slight 1.3% increase.

In February 2024, there were 3,327 dwelling purchases at market prices reported to the Revenue Commissioners, indicating a marginal decrease of 0.7% compared to the previous year's figures. The median price paid by households for a residential property in the 12 months leading up to February 2024 stood at €330,000. Notably, the lowest median price was recorded in Leitrim at €165,000, while the highest was in Dún Laoghaire-Rathdown at €620,000. Among the Eircode areas, A94 'Blackrock' emerged as the most expensive with a median price of €715,025, while F45 'Castlerea' had the least expensive price at €135,000.

The continuous rise in real estate prices in Ireland underscores the ongoing demand in the housing market, with varying growth rates observed across different regions. The data reflects the dynamic nature of the Irish property market, with Dublin and certain areas outside the capital experiencing notable increases.