Revealed: most expensive places to buy property outside Dublin

Most lucrative districts generally very near the capitol, Residential Price Index shows

 

From leafy Greystones in Co Wicklow to Castlerea on the banks of the river Suck in Co Roscommon, there is a more than fivefold difference between the cheapest and priciest places to buy residential property outside Dublin.

The new figures are contained in the Central Statistics Office’s Residential Property Price Index, which includes information on cash purchases for the first time.

The figures show the most expensive postal districts to buy dwellings were generally very near Dublin.

The most expensive postal district was Greystones, where the average dwelling price was €404,717, according to filings in the year to July.

The second most expensive was Bray, Co Wicklow, with an average sale price of €363,907 in the same period.

However, not all of the most expensive postal districts were close to the capital. The third most expensive was Kinsale, Co Cork, with an average sale price of €359,259 in the year to July.

Conversely, the least expensive postal district was F45 Castlerea, Co Roscommon, with an average dwelling price of €72,350 in the year to July. Second least expensive was Ballyhaunis, Co Mayo, with an average sale price of €77,215.

Residential increases

The figures also show that, residential property prices increased by 11.3 per cent outside Dublin in the year to July. This compares with an increase of 8.9 per cent in the year to June and an increase of 12.5 per cent recorded in the year to July 2015.

Residential prices increased by 3.5 per cent in the month of July, compared with an increase of 1.9 per cent in June and 1.3 per cent in July 2015.

Residential property prices are 40.4 per cent higher than at the lowest point in May 2013 – and 39 per cent lower than at their highest level in 2007.

House prices outside Dublin have increased 41.7 per cent from their low point in May 2013. They have increased 11.2 per cent in the 12 months to July 2016 but remain 37.5 per cent lower than their peak level.

Apartment prices outside of Dublin have consistently underperformed relative to house prices, increasing 13 per cent in the year to July but 53.5 per cent lower from their peak level.

The volume of transactions varies considerably from one county to another. Co Cork shows a much higher level of market activity than any other county outside Dublin.

In 2015, 4,314 stamp duty returns were filed for dwellings purchased in Co Cork. This was nearly twice the number of returns (2,188) filed for Co Galway, the next most active county.

On the other end of the scale, Co Monaghan showed the least level of activity, with just 272 dwellings purchases reported in 2015.

New dwelling purchases

Co Cork also had the greatest number of new dwellings (287) purchased in 2015.The second most active county was Kildare, with 233 filings for new dwellings in 2015.

Offaly had the least number in the year, with just six new dwelling purchases reported.

Kinsale was the postal district with the greatest upward movement in average price, comparing the year to July 2015 to the year to July 2016. The average price paid for a dwelling there increased by 40.5 per cent across the two 12-month periods.

Second was Dunboyne, Co Meath, where average prices increased by 33.3 per cent between the two periods.

The postal district where average prices decreased the most was Cahir, Co Tipperary: the average price decreased 15.8 per cent between the two consecutive 12-months periods.

The second largest fall in average prices was in New Ross, Co Wexford, where the average price deceased by 11.2 per cent.