House Price Growth Slows To 7.8%, Down From 8.5% - CSO

Wednesday, 15 February 2023 15:20

By Caoimhe Harney

The median price for a residential property in the 12 months to December 2022 was €305,000

The rate of increase in residential property prices nationally continued to slow during the final month of last year, according to the latest data from the Central Statistics Office.

In the year to the end of December, prices across the country rose by 7.8%, down from 8.5% in the twelve months to the end of November and from 14.2% in the same month a year earlier.

In the capital, prices on average climbed by 6%, while outside of Dublin they increased by 9.3%.

Houses in Dublin increased by 6.1% over the period, with apartments appreciating in price by 5.4%.

Outside Dublin, house prices were up by 9.6% and apartment prices rose by 5.3%.

The region outside of Dublin that saw the largest rise in house prices was the West (Galway, Mayo, Roscommon) at 14.9%, while at the other end of the scale, the South-East (Carlow, Kilkenny, Waterford, Wexford) saw an 6.7% rise.

The strongest growth in the capital was recorded in south Dublin, at 11%.

The west was the region with the highest level of price increases outside of Dublin, where a 14.9% rise was seen compared to a year earlier.

The median price for a residential property in the 12 months to December 2022 was €305,000.

The highest median was €625,000 in Dún Laoghaire-Rathdown while the lowest was €152,000 for a dwelling in Longford.

December saw a slight increase in the level of activity, with 5,213 dwelling purchases by households filed with the Revenue Commissioners, up 0.8% compared on the same month a year ago.

The price of new dwellings in the last three months of last year were 10% higher than in the corresponding quarter of 2021.

While prices of existing dwellings were 8.3% higher than in the same three months of 2021.