Residential property prices jump by 14.4%

Property prices nationally have increased by 120.5% from their trough in early 2013. Picture: Denis Minihane

Residential property prices jumped 14.4% nationally in the 12 months to May this year, with prices soaring by over 20% in some parts of the country.

Prices outside Dublin rose by 16.6% during that time while prices in Dublin rose by 11.7%, according to Central Statistics Office (CSO) figures.

The south-east saw the biggest home price hike at 21.5%, while at the other end of the scale, the mid-west saw an 11.4% rise. Houses in the south-west saw an 18% price rise.

In Dublin, house prices increased by 11.9% and apartment prices were up by 11.3%. 

Outside Dublin, house prices were up by 16.8% and apartment prices rose by 14%.

In May, 3,731 home purchases by households at market prices were filed with Revenue, an increase of 16.3% compared to the 3,207 purchases in May 2021. 

Median price

The median price of a home purchased in the 12 months to May 2022 was €290,000 The lowest median price for a house was €138,000 in Longford, while the highest median price was €601,000 in Dún Laoghaire-Rathdown.

In the year to May, the Eircode area with the highest median price for a home was A94 Blackrock (€720,000). 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, with a median price of €500,000. The second most expensive Eircode area was A98 Bray, where the median price was €430,250. The third most expensive was P17 Kinsale, which had a median price of €400,000.

The least expensive Eircode areas over the last 12 months were F45 Castlerea and F35 Ballyhaunis, with a median price of €120,000. 

Overall, the national index is 1.1% lower than its highest level in 2007. Dublin residential property prices are 9.3% lower than their February 2007 peak, while residential property prices in the Rest of Ireland are 2.3% lower than their May 2007 peak.

Property prices nationally have increased by 120.5% from their trough in early 2013. Dublin residential property prices have risen 124.7% from their February 2012 low, while residential property prices in the Rest of Ireland are 124.9% higher than at the trough, which was in May 2013.

“Residential property prices rose by 14.4% in the 12 months to May 2022, marginally down from 14.5% in the year to April 2022," said statistician Viacheslav Voronovich.

Trevor Grant, chairperson, Association of Irish Mortgage Advisors, said: “The constant wave of house price increases is weighing heavily on house-hunters. 

Though the increases have slowed to a small extent, prices are still on an upward trajectory and the feeling amongst prospective buyers is that they are less concerned by the oncoming ECB interest rate increase and more perturbed by rising property prices and lack of availability of suitable homes.

"On the ground, brokers throughout the country are reporting that they are still incredibly busy as people move to secure homes before costs rise even further."