Irish property prices increased by 2.4% in the 12 months to May, but there was a small contraction in the market in Dublin, according to the latest figures from the Central Statistics Office (CSO).
The national Residential Property Price Index shows prices in the capital decreased by 0.2% while prices outside Dublin went up by 4.5%.
The latest national increase is down from 3.4% in the year to April 2023.
The report found that in the 12 months to May 2023, house prices in Dublin decreased by 0.4% and apartment prices were up by 0.4%. The highest house price growth in Dublin was in South Dublin at 4%, while Dublin City saw a decline of 2.8%.
Outside Dublin, house prices were up by 4.7% and apartment prices rose by 1.7%. The region outside of Dublin that saw the largest rise in house prices was the West (Galway, Mayo, Roscommon) at 5.7%, while at the other end of the scale, the South-East region (Carlow, Kilkenny, Waterford, Wexford) and South-West (Cork, Kerry) saw a 3.5% rise.
In May 2023, 4,435 dwelling purchases by households at market prices were filed with the Revenue Commissioners, an increase of 18.9% compared with the 3,730 purchases in May 2022.
That increase also represents a 36% jump compared with the 3,262 purchases in April. The total value of transactions filed in May was €1.6 billion.
Existing dwellings accounted for 81.5% of purchases, which was an increase of 17.5% compared with May 2022. The balance were new dwellings, which represented an increase of 25.6%.
Revenue data shows that there were 1,567 first-time buyer purchases in May, which was an increase of 29.2% on the 1,213 recorded in May 2022. These purchases were made up of 483 new dwellings and 1,084 existing dwellings.
Households paid a median or mid-point price of €315,000 for a residential property in the 12 months to May 2023. The lowest median price paid for a dwelling was €160,000 in Longford, while the highest was €630,000 in Dún Laoghaire-Rathdown.
The most expensive Eircode area over the 12 months to May 2023 was A94 'Blackrock' with a median price of €741,503, while F35 'Ballyhaunis' had the least expensive price of €127,500.
The national index has now reached the value of 165.6, which is 1.3% above its highest level at the peak of the property boom in April 2007.
Dublin residential property prices are 9.6% lower than their February 2007 peak, while residential property prices in the rest of Ireland are 2.2% higher than their May 2007 peak.
Property prices nationally have increased by 125.8% from their trough in early 2013. Dublin prices have risen by 123.8% from their February 2012 low, whilst prices elsewhere are 135.2% higher than at the trough, which was in May 2013.
