The price of residential properties increased by 2.3 per cent in the year to October, with prices in Dublin decreasing by 0.6 per cent and prices outside Dublin up by 4.5 per cent, according to the Central Statistics Office (CSO).
In October 2023, some 4,604 dwelling purchases by households at market prices were filed with Revenue, up 7.2 per cent when compared with the 4,296 purchases in the same month of 2022, its latest residential property price index found.
The median price of a dwelling purchased in the year to October was €323,000.
The lowest median price for a house in the 12-month period was in Longford, where it stood at €160,000, while the highest was €630,000 in Dún Laoghaire-Rathdown.
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Over the year, house prices in Dublin fell by 0.7 per cent while apartment prices were down by 0.4 per cent. The highest house price growth in Dublin was in Fingal at 0.8 per cent, while Dún Laoghaire-Rathdown saw a decline of 1.5 per cent.
“The ongoing decline in Dublin house prices is good news for buyers as ultimately this should help more people get their feet on to the property ladder in the capital,” said Trevor Grant, chairman of the Association of Irish Mortgage Advisers.
“However, the increase in the rate of national house price growth will be a worry for those wishing to get on to the property ladder in 2024.”
Outside Dublin, house prices were up by 4.5 per cent and apartment prices rose by 5 per cent. The region outside of Dublin that saw the largest rise in house prices was the midwest (Clare, Limerick and Tipperary) at 6.2 per cent, while at the other end of the scale the west (Galway, Mayo, and Roscommon) and mid-east (Kildare, Louth, Meath and Wicklow) saw a 3.5 per cent rise.
The most expensive Eircode area over the 12 months to October 2023 was A94 “Blackrock” with a median price of €730,000, while F45 “Castlerea” in Roscommon had the least expensive price of €135,000.
Dublin has “become simply unattainable for most first-time buyers”, said Ian Lawlor, managing director of property finance firm Lotus Investment Group, and they are now turning their attention elsewhere.
“As we witness regional house prices continue to outpace that of the capital, it is becoming increasingly clear that cities and towns all over the country hold untapped potential,” he said.
Joey Sheahan, head of credit at online brokers MyMortgages.ie, said the last residential property price index to be released this year was “very much in keeping” with what the market has witnessed throughout 2023: a stabilisation of property prices and a growth in popularity and demand for properties outside of Dublin.
“We are unlikely to see any drastic increases in house prices in the short term at least. It is also not expected that the European Central Bank will make any more announcements to increase rates,” he said, predicting a more positive outlook for 2024 “after 16 months of mortgage pain”.
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