Property price inflation slowed to 6.6 per cent in the year to November, down from the 7.2 per cent recorded in October, new data from the Central Statistics Office shows.
Property prices in Dublin rose by 5 per cent, while prices outside the capital were up by 7.9 per cent compared with November 2024.
The median price of a home purchased in the 12 months to November was €384,000. The highest median price was €677,000 in Dún Laoghaire-Rathdown, while the lowest was €190,000 in Donegal.
Trevor Grant, chairman of Irish Mortgage Advisors, said the fall in the rate of annual house price growth “could serve as a chink of light” to people who hope to buy a home this year.
READ MORE
“While house prices still remain unaffordable for many, if the rate of house price growth continues to slow down, home ownership could become a reality for more people this year,” he said.
“There needs to be a considerable and consistent fall back in the rate of house price growth if home ownership is to come within reach of the so many who are vying to get on to the property ladder.”
The national index is now 23.9 per cent above its Celtic Tiger property boom peak in April 2007.
Dublin residential property prices are 9.3 per cent higher than their February 2007 peak, while prices in the rest of the State are 26.2 per cent higher than their May 2007 peak.
Property prices nationally have surged by 176.2 per cent from their trough in early 2013.
Dublin prices have risen by 170.7 per cent from their February 2012 low, while they are 190.5 per cent higher than at the trough across the rest of the State, which was in May 2013.
In Dublin, house prices rose by 4.8 per cent while apartment saw stronger price growth – at 5.6 per cent. Dublin city reported the most significant rise in house prices over the past year at 5.7 per cent while Fingal saw a rise of 3.7 per cent.
Outside the capital, house prices were up by 7.7 per cent and apartment prices rose by 10.5 per cent. The region outside Dublin that saw the biggest rise in prices was the midlands, covering Laois, Longford, Offaly and Westmeath at 13.8 per cent.
At the other end of the scale, the midwest region, covering Clare, Limerick, and Tipperary, and the southeast, covering Carlow, Kilkenny, Waterford and Wexford, both saw rises of 6 per cent.
Some 4,074 purchases by households were filed with the Revenue Commissioners at a total value of €1.8 billion in November. Of these, 3,166 were existing homes dwellings and 908 new builds. Revenue data show there were 1,589 purchases by first-time buyers in November.
Fiona McMahon, senior mortgage adviser at NFP Ireland, said the ongoing increase in house prices means many buyers will “continue to face significant affordability issues”, particularly first-time buyers in areas where demand remains high and new supply is still falling short.
“In line with increasing house prices, the value of mortgage approvals has reached record levels in recent months, with recent figures showing the value of mortgage approvals is now more than four times what it was in 2015,” she said.
“This – and the current [interest] rate environment – makes it all the more important for mortgage borrowers to do their utmost to get the best mortgage deal they can as substantial savings could be up for grabs.”
