The average price of a home in Ireland was €323,000 as of February, according to new figures. Prices still vary significantly across the regions. Year-on-year residential property prices in Ireland have continued to accelerate, according to the country's Central Statistics Office (CSO).
The national Residential Property Price Index (RPPI) recorded an annual rise of 6.1% in the 12 months leading up to February 2024. Prices in Dublin climbed by 5.6%, while areas outside the capital saw an even higher rise of 6.5%.
Last month, the Economic and Social Research Institute warned the Oireachtas Committee on Budgetary Oversight that Ireland's property prices were likely to continue rising in the near future, because of both low investment and a rapidly increasing population. This means demand outstrips supply, leading to higher prices.
Despite price increases throughout Ireland, certain regions remain more popular with buyers than others.
In the 12 months leading up to February 2024, while house prices in Dublin rose 5.9%, apartment price rises were lower, at 4.5%. The highest growth in house prices within Dublin was in Dublin City, which saw a climb of 7.7%. Fingal saw a more modest increase of 4.5%, according to the CSO.
Outside Dublin, house prices climbed by 6.3%, while apartments bucked the trend with a substantially higher climb of 9.1%. Among regions outside Dublin, the mid-west area (comprising Clare, Limerick, and Tipperary) saw the largest jump in house prices at 10.8%, whereas the border region (encompassing Cavan, Donegal, Leitrim, Monaghan, and Sligo) saw a much slighter rise of 1.3%.
A total of 3,327 properties were bought in February, slightly down on the 3,351 bought in February last year, a slight dip of 0.7%.
The cheapest place to purchase a home in Ireland, as of February, was in Leitrim, with the average price there coming in at €165,000, while Dún Laoghaire-Rathdown in the province of Leinster, had on average the most expensive dwellings with an average price of €620,000.
The numbers suggest that house prices in Ireland are picking up speed once more, after slowing down for most of 2022 and 2023, despite a reported decrease in the eurozone.
