House prices up 5% in year to February, new data show

Dublin prices have risen by 128.7% from their February 2012 low, while prices in the rest of Ireland are 135% higher than the May 2013 trough, according to the data. Picture: Colin Keegan/ Collins

House prices are up 5% in the past year to February, easing from the previous month, with homes outside of Dublin doubling the pace of rises compared to the capital, latest available data show.

Central Statistics Office (CSO) figures show the national Residential Property Price Index increased by 5% in the 12 months to February 2023, with prices in Dublin rising by 3.2% and prices outside Dublin up by 6.4%.

The median price of a dwelling purchased in the 12 months to February 2023 was €310,000. The median is the middle figure in a row of numbers sorted from top to bottom, as opposed to the average.

Longford is the best place for househunters to get a bargain, while house hunters in Dún Laoghaire-Rathdown will be paying hefty prices to live in the neighbourhood, the figures show.

The national Residential Property Price Index increased by 5% in the 12 months to February 2023https://t.co/VmZ6JVRDn7#CSOIreland #Ireland #Housing #HousingConstruction #HouseBuilding #PropertyPrices #HousePrices #IrishBusiness #BusinessStatistics #BusinessNews pic.twitter.com/spbG6GiZK7

— 🎄Central Statistics Office Ireland (@CSOIreland) April 14, 2023

Border counties are becoming a hunting ground for eager would-be homeowners, the data also show.

Statistician in the Prices Division Viacheslav Voronovich said the 5% February figures are down from 6.1% in the year to January 2023, and from the high values of 15.1% in the 12 months to February and March 2022.

"The region outside of Dublin that saw the largest rise in house prices was the border — Cavan, Donegal, Leitrim, Monaghan, Sligo — at 9%, while at the other end of the scale, the Mid-West — Clare, Limerick, Tipperary — saw a 4.9% rise. Outside Dublin, house prices were up by 6.6% and apartment prices rose by 3.3%," he said.

"Households paid a median or mid-point price of €310,000 for a residential property in the 12 months to February 2023. The lowest median price paid for a dwelling was €152,000 in Longford, while the highest was €630,000 in Dún Laoghaire-Rathdown," he added.

Blackrock in Dublin is the most expensive postcode in the country, while Ballyhaunis in Co Mayo and Castlerea in Co Roscommon are at the other end of the scale.

"The most expensive Eircode area over the 12 months to February 2023 was Blackrock, with a median price of €755,000, while Ballyhaunis and Castlerea shared the least expensive price of €130,000," Mr Voronovich said.

The national index is 2.1% above its highest level at the peak of the property boom in April 2007, the CSO said.

Dublin residential property prices are 7.7% lower than their February 2007 peak, while residential property prices in the rest of Ireland are 2.1% higher than their May 2007 peak, it added.

It said property prices nationally have increased by 127.7% from their trough in early 2013. 

Dublin prices have risen by 128.7% from their February 2012 low, whilst prices in the rest of Ireland are 135% higher than the May 2013 trough, according to the data.

New homes bought in the fourth quarter of 2022 were 10% higher than in the corresponding quarter of 2021, while existing home prices were 8.3% higher in the same time period.

Overall, prices of new homes have risen by 100% from their trough in the middle of 2013, with existing homes 133.4% higher than their 2012 low.

In February, 3,351 home purchases were filed with Revenue, a 6.5% decrease compared with the same month a year ago, but an 8.8% decrease compared with January 2023. The value of the February purchases was €1.2bn.