The national Residential Property Price Index (RPPI) rose by 6.1% in the 12 months to January 2023. Prices in Dublin rose by 4.3% while prices outside Dublin were up by 7.4%, according to CSO data.

In January 2023, a total of 3,675 dwelling purchases by households at market prices were filed with the Revenue Commissioners, this is up 4.4% compared to 3,519 purchases in January 2022. The median price of a dwelling purchased in the 12 months to January 2023 was €305,000.

Statistician Viacheslav Voronovich said: “Residential property prices rose by 6.1% in the 12 months to January 2023, down from 7.7% in the year to December 2022, and from the high values of 15.1% in the 12 months to February and March 2022. “In Dublin, residential property prices saw an increase of 4.3%, while property prices outside Dublin were 7.4% higher than a year earlier.”

In Dublin, house prices increased by 4.3% and apartment prices were up by 4%. The highest house-price growth in Dublin was in south Dublin at 9.8%, while Dublin city saw a rise of 1.3%.

Outside Dublin, house prices were up by 7.6% and apartment prices rose by 4.8%. The region outside of Dublin that saw the largest rise in house prices was the Border (Cavan, Donegal, Leitrim, Monaghan, Sligo) at 10.1%, while at the other end of the scale, the Mid-West (Clare, Limerick, Tipperary) saw a 6.7% rise.

The most expensive  area over the 12 months to January 2023 was A94 ‘Blackrock’ with a median price of €755,000, while  ‘Ballyhaunis’ was the least expensive at €127,500.

Viacheslav added: “In 2022, non-household entities purchased 13,519 dwellings at market prices, an increase of 15.1% on the 11,749 purchases made by them in 2021. The total value of the purchases by non-household entities in 2022 was €4.6 billion, an increase of 31.8% on the 2022 value.

Dr Kieran McQuinn of the Economic and Social Research Institute (ESRI) outlined to the Oireachtas Committee on Budgetary Oversight that economic data indicating a more positive general outlook than had been anticipated last year. Among record levels of employment and a now favourable domestic macroeconomic outlook for 2024, the country’s housing crisis continues to cast a shadow.

Despite an upward underlying trend in home build completions, he said, new population estimates due later this year mean demand is likely to be revised upward. “This means that the demand for housing is likely to exceed the supply over the medium term. As a result, house price inflation and along with increases in rents are likely to continue, albeit, in the case of house prices, at a slower pace than was the case in 2022.”

Dr McQuinn told the committee that between 26,000 and 28,000 housing units are expected this year, a level rising to in excess of 30,000 in 2024.


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