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.

Home-price growth slowed again in December

15 Feb 2023 / property Print

Home-price growth slowed again in December

Official figures show that growth in residential property prices continued to slow in December last year, with the annual increase falling to 7.8%.

This compared with 8.5% in November, and was the smallest annual rise since June 2021. Rates of increase had topped 15% in the early part of 2022.

The Central Statistics Office (CSO) said that prices of homes increased by 0.3% during December alone, compared with a 0.9% monthly jump in the same month in 2021.

West sees biggest increase

Prices in Dublin rose at an annual rate of 6% in December, while prices outside Dublin were up by 9.3% over the 12 months.

In Dublin, house prices increased by 6.1%, and apartment prices were up by 5.4%. Outside Dublin, house prices were up by 9.6%, and apartment prices rose by 5.3%.

The region outside of Dublin that saw the largest rise in house prices was the West (Galway, Mayo, Roscommon) at 14.9%.

Price of new homes up 10%

The CSO figures show that prices of new dwellings in the fourth quarter of 2022 were 10% higher than in the same quarter of 2021. This compares with an increase of 9.1% in the year to the third quarter.

Prices of existing homes in the final quarter of 2022 were 8.3% higher than a year earlier – a slowdown compared with the 12.6% annual increase in the third quarter.

The CSO said that 5,213 home purchases by households were filed with Revenue in December – an increase of 0.8% compared with December 2021.

Around 78% of these were linked to existing homes, while 22% were purchases of new homes.

The median price of a dwelling purchased in the 12 months to December 2022 was €305,000.

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