Residential property prices up 3.6% on last year, CSO says

The rate of average residential property price increases has eased to 3.6% in the year to the end of April, according to the latest national price index from the Central Statistics Office.

This is down from a 4% increase in the year to March 2023 and the high value of 15.1% in the 12 months to February and March 2022.

The CSO’s residential property index showed that prices in Dublin rose by 1.0% and prices outside Dublin by 5.6% in the 12 months up to the end of April.

In April 2023, 3,262 dwelling purchases by households at market prices were filed with the Revenue Commissioners, down by 5.3% compared with the 3,446 purchases in April 2022.

The median price of a dwelling purchased in the 12 months to April 2023 was 313,000 euro.

The lowest median price for a house in the 12 months to April 2023 was 160,000 euro in Longford, while the highest median price was 634,998 euro in Dun Laoghaire-Rathdown.

Commenting on the release, Viacheslav Voronovich, Statistician in the Prices Division, said: “In Dublin, house prices increased by 1.1% and apartment prices were up by 0.9%.

“The highest house price growth in Dublin was in South Dublin at 5.1%, while Dublin City saw a decline of 2.5%.

“Outside Dublin, house prices were up by 5.9% and apartment prices rose by 1.8%. The region outside of Dublin that saw the largest rise in house prices was the Midlands at 6.6%, while at the other end of the scale, the Border region saw a 4.7% rise. ”

The most expensive Eircode area over the 12 months to April 2023 was A94 Blackrock with a median price of 748,000 euro, while F35 Ballyhaunis had the least expensive price of 127,500 euro.

The Residential Property Price Index (RPPI) is designed to measure the change in the average level of prices paid by households for residential properties sold in Ireland.

The RPPI specifically excludes non-household purchases, non-market purchases and self-builds (ie where the land is purchased separately).