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Residential Property Prices Rise by 5% Nationwide in the 12 Months to February 2023

The Central Statistics Office (CSO) revealed that the national Residential Property Price Index (RPPI) increased by 5% in the 12 months to February 2023. Property prices in Dublin saw a 3.2% increase, while prices outside the capital rose by 6.4%. Despite the overall rise, this growth is slower than the 6.1% increase in the year to January 2023 and significantly lower than the 15.1% growth observed in the 12 months to February and March 2022.

The CSO recorded 3,351 dwelling purchases by households at market prices in February 2023, marking a 6.5% decrease compared to the 3,584 purchases in February 2022. The median price of a dwelling purchased in the 12 months to February 2023 stood at €310,000. Longford saw the lowest median price of €152,000, while Dún Laoghaire-Rathdown recorded the highest median price at €630,000.

Viacheslav Voronovich, a statistician in the Prices Division at the CSO, noted that house prices in Dublin increased by 3% and apartment prices rose by 4%. South Dublin experienced the highest house price growth at 9.3%, while Dublin City saw a 0.5% decline. Outside Dublin, house prices increased by 6.6%, and apartment prices went up by 3.3%. The Border region, including Cavan, Donegal, Leitrim, Monaghan, and Sligo, witnessed the largest rise in house prices at 9%. In contrast, the Mid-West region, comprising Clare, Limerick, and Tipperary, experienced a 4.9% increase.

The most expensive Eircode area over the 12 months to February 2023 was A94 ‘Blackrock,’ with a median price of €755,000. F35 ‘Ballyhaunis’ and F45 ‘Castlerea’ shared the least expensive median price of €130,000.