We use cookies to collect and analyse information on site performance and usage to improve and customise your experience, where applicable. View our Cookies Policy. Click Accept and continue to use our website or Manage to review and update your preferences.

Annual rate of home-price growth down to 5%

14 Apr 2023 / property Print

Annual rate of home-price growth down to 5%

Official figures show that growth in residential-property prices continued to slow in February, with the annual increase falling to 5%.

The Central Statistics Office (CSO) said that prices of homes dropped by 0.4% during the month – the second monthly fall in a row – bringing the annual increase to its lowest level since April 2021.

The annual rate of increase had topped 15% in February last year.

The figures showed that households paid a median price of €310,000 for a home in the 12 months to February 2023.

Increase bigger outside Dublin

In Dublin, residential-property prices recorded an annual increase of 3.2%, while property prices outside Dublin were 6.4% higher than a year earlier.

In Dublin, house prices increased by 3% and apartment prices were up by 4% over the 12-month period. The highest house-price growth in Dublin was in South Dublin at 9.3%, while Dublin City saw a decline of 0.5%.

Outside Dublin, house prices were up by 6.6% and apartment prices rose at an annual rate of 3.3%. The region outside of Dublin that saw the largest rise in house prices was the Border, at 9%.

During February, 3,351 dwelling purchases by households were filed with Revenue – a decrease of 6.5% compared with the same month last year.

There was an increase of just under 4% in the number of new homes bought, while the figure for existing homes fell by 8.4%. Existing homes, however, still accounted for 83% of purchases during February.

Gazette Desk
Gazette.ie is the daily legal news site of the Law Society of Ireland