Property prices have increased for the seventh month in-a-row, according to the latest figures from the Central Statistics Office (CSO).
Their report shows that residential property prices rose by 7.3% in the 12 months to March, up from 6.1% the previous month.
The latest Residential Property Price Index shows that prices in Dublin have risen by 7.2% with prices outside the capital up by 7.4% when compared with a year earlier.
Year-on-year home price growth had eased from a peak of 15.1% in February 2022 to a near three-year low of 1.1% last August. However, the lack of supply of new housing is still not growing fast enough to catch up with increased demand, leading to rising prices.
In the 12 months to March 2024, house prices in Dublin rose by 7.7% while apartment prices rose by 5.3%. The highest house price growth in Dublin was in Dublin City at 9.2% while Dún Laoghaire-Rathdown saw a rise of 5.1%.
Outside Dublin, house prices were up by 7.2% and apartment prices rose by 10%. The region outside of Dublin that saw the largest rise in house prices was the Mid-West (Clare, Limerick, and Tipperary) at 12.3%, while at the other end of the scale, the Border (Cavan, Donegal, Leitrim, Monaghan, and Sligo) saw a 2.9% rise.
In March 2024, 3,314 dwelling purchases by households at market prices were filed with the Revenue Commissioners, a decrease of 19.8% when compared with the 4,132 purchases in March 2023.
Households paid a median or mid-point price of €333,000 for a residential property in the 12 months to March 2024. The lowest median price paid for a dwelling was €168,000 in Leitrim, while the highest was €620,000 in Dún Laoghaire-Rathdown.
The most expensive Eircode area over the 12 months to March 2024 was A94 'Blackrock' with a median price of €720,000, while F45 'Castlerea' had the least expensive price of €135,000.
The price of new homes in the first quarter of 2024 were 8.4% higher than the same time last year, while the prices of existing homes were 5.7% higher than last year.
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