Residential property prices increase for sixth consecutive month

In Dublin, prices rose 5.6% and apartment prices rose 4.5%. Outside the capital, house prices rose by 6.5%, and apartment prices rose by 9.1%.

Residential property prices increased again in February, the sixth consecutive month in which headline inflation in the housing market increased, according to the Central Statistics Office (CSO).

The 6.1% increase in the year to February is up from the 5.4% increase recorded in the year to January 2024.

In Dublin, prices rose 5.6% and apartment prices rose 4.5%. Outside the capital, house prices rose by 6.5%, and apartment prices rose by 9.1%.

The region which saw the largest increase was the Mid-West — counties Clare, Limerick and Tipperary — where prices increased 10.8%.

Conversely, Cavan, Donegal, Leitrim, Monaghan, and Sligo saw the smallest price increase — an average of 1.3%.

The CSO’s report shows consumers paid a median price of €330,000 for a residential property in the year to February.

The national Residential Property Price Index increased by 6.1% in the 12 months to February 2024https://t.co/GTigWhDRpW#CSOIreland #Ireland #Housing #HousingConstruction #HouseBuilding #NewDwellings #PropertyPrices #HousePrices #IrishBusiness #BusinessStatistics #BusinessNews pic.twitter.com/6fT6UBn8PC

— Central Statistics Office Ireland (@CSOIreland) April 17, 2024

The area with the lowest median home price was Leitrim at €165,000, while the highest was €620,000 in Dún Laoghaire-Rathdown. The total value of transactions filed with Revenue in February amounted to €1.2bn.

The most expensive Eircode in the year to February was A94 in Blackrock, Dublin, where the median price for a home was €715,025. 

The F45 Eircode of Castlerea in Co Roscommon had the least expensive median house price of €135,000.

There were 1,162 first-time buyer purchases in February, down 0.3% on the 1,166 recorded in February of last year.

Trevor Grant, chairman of the Association of Irish Mortgage Advisers, said the continued house price growth was “keeping many prospective first-time buyers worried about whether or not they’ll be able to enter the property market".

“With housing supply remaining relatively limited and demand high, there’s little to dampen this growth,” he said.