Official figures show that growth in residential property prices continued to slow in October, with the annual increase falling below 10% for the first time since July last year.

The Central Statistics Office (CSO) said that home prices rose at an annual rate of 9.8% in October – down from 10.7% in the year to September. Home-price inflation had hit 15.1% in March of this year.

Prices of homes in Dublin rose at an annual rate of 8.3%, while the increase outside the capital was 11%. Both figures also showed a slowdown from September.

In Dublin, house prices increased by 8.5% and apartment prices were up by 7.6% over the 12-month period. The highest house-price growth in Dublin was in South Dublin at 10.9%.

More new homes bought

Outside Dublin, house prices were up by 11.3% and apartment prices rose by 7.5%. The region outside of Dublin that saw the largest rise in house prices was the West (16.3%).

The CSO said that 4,296 dwelling purchases by households were filed with Revenue in October – a drop of 0.9% compared with the same month last year.

Just over 80% of these were linked to existing homes, while just under 20% were purchases of new homes. The 796 new homes bought represented an increase of more than 20% compared with the same month last year.

Households paid a median price of €300,000 for a residential property in the 12 months to October 2022.