Prices of residential property soaring due to pandemic 

Prices of residential property soaring due to pandemic 

Outside Dublin, house prices across the country were up by 5.7%, with apartment prices up by a staggering 14%. File picture: Leah Farrell / RollingNews.ie

Residential property prices rose by 6.2% in areas outside the capital in the year to May 2020, as a range of pandemic-related factors influenced the market.

Outside Dublin, house prices across the country were up by 5.7%, with apartment prices up by a staggering 14%.

Prices within Dublin rose by 4.9% in May, the fastest level of growth seen in the city since 2018.

Nationally, residential property prices increased by 5.5% in the year to May, compared to an increase of 0.3% in the same period last year.

This was up from 4.6% the previous month and from -0.5% as recently as October.

The latest figures from the Central Statistics Office (CSO) show the State’s property market is continuing to be fuelled by pandemic-related factors such as increased household savings and lower supply.

Prices up 0.9% in May

On a monthly basis, property prices went up by 0.9% in May, according to the figures.

While the pandemic briefly paused seven years of unbroken price growth last year, a sharp rise in prices has occurred due to the second construction shutdown from January to April.

According to property advertising websites such as Daft and MyHome, there has been a reported rise in asking prices which are running at twice as high a rate of inflation, up by 13% in June.

A total of 3,207 home purchases were filed with Revenue in May, representing a 65.6% increase compared to the 1,937 purchases in May 2020 and a 2.2% increase compared with the 3,138 purchases in April 2021.

According to the CSO, the total value of transactions filed in May was €984m.

Existing dwellings accounted for 84% of the homes purchased, while the remaining 15.6% were new dwellings.

Prices of existing dwellings in the first quarter of 2021 were 3.3% higher than in the corresponding quarter of 2020.

New dwelling prices up 73,7%

Overall, prices of new dwellings have risen by 73.7% from their trough in the middle of 2013.

The CSO said the region outside of Dublin that saw the largest rise in house prices was the border at 10.7%, while at the other end of the scale the South-West saw a 1.1% rise.

Households paid a median price of €265,000 for a home on the residential property market in the 12 months leading up to May, with the highest median price of €392,500 being in the Dublin region.

Within the Dublin region, Dún Laoghaire-Rathdown had the highest median price of €550,000, while South Dublin and Fingal had the lowest at €360,000.

Outside of Dublin, the highest median prices were in Wicklow at €360,000 and Kildare at €325,000. The lowest price was in Longford at €117,000.

In the year to May, the Eircode area with the highest median price for household dwelling purchases was A94 'Blackrock' (€625,000).

The five most expensive Eircode areas by median price were in Dublin.

Outside of Dublin, the most expensive Eircode area over the last 12 months was A63 Greystones in Co Wicklow, with a median price of €481,250.

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