Residential property prices grew for the ninth month in-a-row in May, according to the latest figures from the Central Statistics Office (CSO).
The latest residential property price index indicated prices rose at an average rate of 8.2% in the 12 months to May, up from a rate of 7.9% the previous month.
In Dublin, residential values rose at an even higher annual rate of 8.6%, while prices outside Dublin were 7.6% higher compared with a year earlier.
May was the ninth consecutive month to see an increase in headline inflation in the property market, with a lack of supply appearing to be the major driving factor in the increase in prices.
In the 12 months to May 2024, house prices in Dublin rose by 9.2% while apartment prices increased by 6.6%. The highest house price growth in Dublin was in Dublin City at 10.6% while Dún Laoghaire-Rathdown saw a rise of 7.7%.
Outside Dublin, house prices were up by 7.6% and apartment prices increased by 9.9%. The region outside of Dublin that saw the largest rise in house prices was the Mid-West (Clare, Limerick, and Tipperary) at 11.2%, while at the other end of the scale, the Mid-East (Kildare, Louth, Meath, and Wicklow) saw a 6.0% rise.
In May 2024, 3,997 dwelling purchases by households at market prices were filed with the Revenue Commissioners, a decrease of 9.9% when compared with the 4,435 purchases in May 2023.
Households paid a median or mid-point price of €335,000 for a residential property in the 12 months to May 2024. The lowest median price paid for a dwelling was €169,500 in Longford, while the highest was €626,000 in Dún Laoghaire-Rathdown. The most expensive Eircode area over the 12 months to May 2024 was D06 'Dublin 6' with a median price of €740,000, while F45 'Castlerea' had the least expensive price of €137,500.
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