The Central Statistics Office (CSO) recently released its Residential Property Price Index (RPPI) for March 2023, revealing a 3.9% increase in the national RPPI in the year up to March 2023. This data signals ongoing growth in the residential property market despite a slight cooling off from the preceding year.
According to the CSO’s release on 17 May 2023, prices of properties in Dublin saw a rise of 1.7%, while those outside the capital registered an increase of 5.7%. This difference showcases the varying growth patterns across Ireland.
Specifically in Dublin, house prices increased by 1.6%, while apartment prices experienced a slightly higher surge of 2.1%. South Dublin displayed the most significant house price growth, with an increase of 6.9%, but not all areas followed this trend. Dublin City, in contrast, recorded a 1.2% decrease in house prices.
Outside the capital, the report presented an even more robust growth picture. House prices rose by 5.9%, and apartment prices increased by 2.6%. Among regions outside Dublin, the Border area, encompassing Cavan, Donegal, Leitrim, Monaghan, and Sligo, witnessed the most significant house price increase at 8.4%. Meanwhile, the Mid-West region, including Clare, Limerick, and Tipperary, recorded a more modest rise of 2.8%.
In terms of property sales, the number of dwelling purchases by households at market prices filed with the Revenue Commissioners in March 2023 was 4,132, marking a 5.4% increase compared to March 2022.
The CSO report also offered a glimpse into median property prices across the country. The median price of a dwelling purchased in the 12 months to March 2023 was €310,000. This figure, however, varied significantly depending on the location. The lowest median price for a house was in Longford, standing at €154,000, while Dún Laoghaire-Rathdown boasted the highest median price at €635,000.
Looking at individual Eircode areas, the most expensive area in the year to March 2023 was A94 ‘Blackrock’ with a median price of €750,000. On the opposite end of the spectrum, F35 ‘Ballyhaunis’ recorded the least expensive price with a median value of €126,000.
The CSO’s latest release paints a vivid picture of the residential property market in Ireland, underscoring the dynamic nature of this sector and the geographical nuances of property price fluctuations. Despite the ongoing global uncertainties, the Irish property market appears to have continued its upward trajectory through the year to March 2023.