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

The Central Statistics Office (CSO) said that home prices rose by 5.4% compared with January 2023 – up from revised growth of 4.1% in December.

The annual growth figure for January was the strongest since January last year.

Prices rose at an annual rate of 4.5% in Dublin in January, while prices outside Dublin jumped by 6.1% over the year.

Home prices rose by 0.7% during January alone, having increased by 1.3% in December.

Mid-west tops list

In the 12 months to January 2024, house prices in Dublin rose by 4.7%, while apartment prices rose by 3.9%. The highest house-price growth in Dublin was in Dublin city (6.2%).

Outside Dublin, house prices were up by 6% and apartment prices rose by 7.4%. The region outside of Dublin that saw the largest rise in house prices was the mid-west (Clare, Limerick, and Tipperary) at 9.5%.

In January 2024, 3,621 home purchases by households at market prices were filed with Revenue – down 1.5% from the 3,675 recorded in January 2023.

Households paid a median or mid-point price of €330,000 for a residential property in the 12 months to January 2024.