Official figures show that annual growth in the price of residential property accelerated for the second month in a row in October.

The Central Statistics Office (CSO) said that home prices rose by 2.3% compared with October last year – up from growth of 1.4% in September.

September’s figures had reversed a slowdown in growth that had dated from March 2022.

Dublin prices still down

The October increase was due to an acceleration in growth outside Dublin, where home prices rose at an annual rate of 4.5%, compared with 4% in September.

In contrast, Dublin prices fell by 0.6%, after a 1.9% fall in September.

The figures also show that home prices rose by 1.1% during October alone, having increased by 0.9% in September.

In the 12 months to October 2023, house prices in Dublin fell by 0.7%, while apartment prices were down by 0.4%.

Purchases up 7.2%

Outside Dublin, house prices were up by 4.5% and apartment prices rose by 5%. The region outside of Dublin that saw the largest rise in house prices was the mid-west (6.2%).

In October 2023, Revenue recorded 4,604 home purchases by households at market prices – an increase of 7.2% compared with the same month last year.

Households paid a median or mid-point price of €323,000 for a residential property in the 12 months to October 2023.