Official figures show that annual growth in the price of residential property accelerated for the third month in a row in November last year.

The Central Statistics Office (CSO) said that home prices rose by 2.9% compared with November last year – up from revised growth of 2.2% in October.

The figures show that prices rose at an annual rate of 0.9% in Dublin in November – the first positive figure since April 2023. Growth outside Dublin was 4.4% – easing from October’s 4.5%.

The figures also show that home prices rose by 0.8% during November alone, having increased by 1% in October.

Fingal leads growth

In the 12 months to November 2023, house prices in Dublin rose by 1%, while apartment prices rose by 0.6%. The highest house-price growth in Dublin was in Fingal at 2.5%, while Dún Laoghaire-Rathdown saw a decline of 0.1%.

Outside Dublin, house prices were up by 4.2% and apartment prices rose by 7.2% over the year. The region outside of Dublin that saw the largest rise in house prices was the mid-west (Clare, Limerick, and Tipperary) at 7.4%.

In November, Revenue recorded 4,618 home purchases by households at market prices – a drop of 5.8% compared with the same month in 2022.

Households paid a median or mid-point price of €325,000 for a residential property in the 12 months to November 2023.