The national Residential Property Price Index (RPPI) increased by 3.9% in the 12 months to March, with prices in Dublin rising by 1.7% and prices outside Dublin up by 5.7%.

The annual increase represents a slowdown from the 5.1% figure recorded by the Central Statistics Office (CSO) in February.

The CSO figures also show that prices of houses and apartments dropped by 0.6% during March — the third monthly fall in a row.

In March, 4,132 dwelling purchases by households at market prices were filed with Revenue — up 5.4% compared with the 3,921 purchases in March 2022.

The median price of a home bought in the 12 months to March was €310,000, CSO data shows.

The lowest median price for a house in the 12 months to March 2023 was €154,000 in Longford, while the highest median price was €635,000 in Dún Laoghaire-Rathdown.

Statistician Viacheslav Voronovich said: “Residential property prices rose by 3.9% in the 12 months to March 2023, down from 5.1% in the year to February 2023, and from the high values of 15.1% in the 12 months to February and March 2022."

Increase

“In Dublin, residential property prices saw an increase of 1.7%, while property prices outside Dublin were 5.7% higher than a year earlier,” he said.

In Dublin, house prices increased by 1.6% and apartment prices were up by 2.1%. The highest house-price growth in Dublin was in south Dublin at 6.9%, while Dublin city saw a decline of 1.2%.

Outside Dublin, house prices were up by 5.9% and apartment prices rose by 2.6%. The region outside of Dublin that saw the largest rise in house prices was the border (Cavan, Donegal, Leitrim, Monaghan, Sligo) at 8.4%, while at the other end of the scale, the mid-west (Clare, Limerick, Tipperary) saw a 2.8% rise. 

The most expensive Eircode area over the 12 months to March 2023 was A94 'Blackrock' with a median price of €750,000, while F35 'Ballyhaunis' had the least expensive price of €126,000.