Kelly Bradshaw Dalton conducts thorough research and analysis of the property market to provide valuable insights to clients and investors. Today, we review the recently released Residential Property Price Index (RPPI) May 2023, published by the Central Statistics Office (CSO).
The report reveals that the national Residential Property Price Index increased by 2.4% in the 12 months leading up to May 2023. However, it is noteworthy that while prices outside Dublin experienced a significant increase of 4.5%, Dublin witnessed a slight decrease of 0.2%. These figures highlight the divergence in the property market between the capital city and the rest of the country.
In terms of dwelling purchases, there was a substantial rise of 18.9% in the number of purchases filed with the Revenue Commissioners in May 2023, compared to the same period in 2022. This growth indicates a strong demand in the housing market and signals positive market activity.
The median price of a dwelling purchased in the 12 months leading up to May 2023 stood at €315,000. This median price point offers a valuable benchmark for potential buyers and sellers, indicating the general range of prices within the market.
The report further dissects property prices by type and region. In Dublin, house prices experienced a slight decline of 0.4%, while apartment prices increased by 0.4%. South Dublin stood out with impressive house price growth of 4%, while Dublin City witnessed a decline of 2.8%. Outside of Dublin, house prices demonstrated a significant rise of 4.7%, while apartment prices saw a growth of 1.7%. The West region (Galway, Mayo, Roscommon) experienced the highest increase in house prices at 5.7%, while the South-East (Carlow, Kilkenny, Waterford, Wexford) and South-West (Cork, Kerry) regions both saw a rise of 3.5%.
It is interesting to note that the lowest median price paid for a dwelling was €160,000 in Longford, while the highest median price reached €630,000 in Dún Laoghaire-Rathdown. This disparity reflects the variations in property values across different areas.
From an Eircode perspective, the most expensive area over the 12-month period was A94 ‘Blackrock,’ with a median price of €741,503, while F35 ‘Ballyhaunis’ represented the least expensive area with a median price of €127,500.
The findings of the Residential Property Price Index provide valuable insights into the dynamics of the Irish property market. The 2.4% increase in the national RPPI indicates a stable growth rate, albeit with regional variations. The decrease in property prices in Dublin, coupled with the significant rise in purchases outside of the capital, suggests an increased interest in properties beyond the city limits.