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Monthly house price growth hits two-year high

Annual residential property prices rose for the fourth month in a row in December, new Central Statistics Office figures show today.

Property prices increased by 4.4% in the 12 months to December, while prices rose by 1.5% on a monthly basis – the fastest monthly pace in two years.

Home prices in Dublin were up 2.7% and prices outside Dublin increased by 5.7%, the CSO noted.

Year-on-year property price growth had cooled from a recent peak of 15.1% in February 2022 to a near three-year low of 1.1% last August.

Despite recovering to a 15-year high in 2023, the supply of new housing is still not growing fast enough to meet demand.

Today’s figures show that house prices in Dublin rose by 2.7% in the 12 months to December while apartment prices increased by 2.6%.

The highest house price growth in Dublin was in South Dublin at 4.3% while Dún Laoghaire-Rathdown saw a rise of 1.2%.

Outside Dublin, house prices were up by 5.6% and apartment prices jumped by 7.7% over the 12 month period.

The region outside of Dublin that saw the largest rise in house prices was the Midlands (Laois, Longford, Offaly, and Westmeath) at 7.8%, while at the other end of the scale, the West (Galway, Mayo, and Roscommon) saw a 3.3% rise.

Today’s CSO figures show that the median price of a home bought in the 12 months to December was €327,500.

The lowest median price for a home was €165,000 in Leitrim, while the highest median price was €622,250 in Dún Laoghaire-Rathdown.

Meanwhile, the most expensive Eircode area was A94 ‘Blackrock’ with a median price of €720,000, while F45 ‘Castlerea’ had the least expensive price of €135,000.

Today’s figures also show that a total of 5,063 homes bought at market prices were filed with Revenue in December, a fall of 2.9% when compared with the 5,213 purchases in December 2022.

The CSO said today that property prices nationally have now increased by 140% from their trough in early 2013.

Dublin residential property prices have risen by 138.4% from their February 2012 low, while residential property prices in the Rest of Ireland are 149.9% higher from their trough in May 2013.

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