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Residential Property Prices Rise by 2.2% Nationwide in the Past Year, But Dublin Sees a Dip – Kelly Bradshaw Dalton reports on latest figures from CSO

The Central Statistics Office (CSO) has released its latest figures on the Residential Property Price Index (RPPI) for June 2023, revealing a nationwide increase of 2.2% in property prices over the last 12 months. However, not all regions experienced growth; while areas outside Dublin saw a healthy increase, the capital saw a decline in prices.

Dublin’s Mixed Property Landscape In Dublin, the overall residential property prices decreased by 0.9%. Breaking down the numbers, house prices in the city experienced a decline of 1.1%, whereas apartment prices dipped by a slight 0.2%. The capital’s landscape remained varied, with South Dublin enjoying the highest house price growth at 2.8%. In contrast, Dublin City witnessed a more significant decline of 3.8%.

Growth Outside the Capital Outside the city limits, the scenario was more positive. Residential property prices outside Dublin increased by a notable 4.5%. House prices in these regions grew by 4.7%, with apartment prices seeing a 2.3% increase. The South-East region, comprising of Carlow, Kilkenny, Waterford, and Wexford, stood out with a 5.5% rise in house prices. On the other hand, the Border region, which includes Cavan, Donegal, Leitrim, Monaghan, and Sligo, saw a more modest increase of 3%.

Transaction Numbers and Median Prices The number of dwelling purchases recorded with the Revenue Commissioners in June 2023 was 4,025, marking a 1.7% decrease compared to the 4,094 purchases in June 2022. Over the past 12 months, the median price households paid for a residential property stood at €318,000. The regional differences persisted with the lowest median price being €160,000 in Leitrim and Longford, while the top-tier was dominated by Dún Laoghaire-Rathdown with a whopping €630,000.

Moreover, the Eircode specifics further paint a vivid picture: the A94 ‘Blackrock’ area emerged as the most expensive with a median price of €735,000. In stark contrast, F35 ‘Ballyhaunis’ recorded the lowest price at €127,500.

Statistician’s Insight Viacheslav Voronovich, the Statistician in the Prices Division at CSO, commented on the findings, stating, “Residential property prices rose by 2.2% in the 12 months to June 2023, down from 2.6% in the year to May 2023.” Voronovich’s observations underline the slight cooling in property price inflation, especially in Dublin.

So while the national Residential Property Price Index indicates growth, the disparity between Dublin and the rest of the country remains evident. Factors contributing to these trends will undoubtedly be a topic of interest for prospective buyers, investors, and policymakers in the coming months.