Property prices are continuing to increase and are up 9.7% in the 12 months to October, according to the latest figures from the Central Statistics Office.
Prices in Dublin were up 10.4%. while the cost of buying a home outside the capital rose 9.2%.
The figures come a week after the Economic and Social Research Institute warned the property market was overvalued by 10%.
Prices nationally have increased 156.9% from their low point in early 2013 and they are 15.2% above their previous peak during the boom in April 2007.
The CSO said the median price of a home in the 12 months to October was €350,000. The lowest area was Leitrim at €179,000 and the highest was Dún Laoghaire-Rathdown at €645,000.
“In the 12 months to October 2024, house prices in Dublin rose by 10.9% while apartment prices increased by 8.4%,” CSO statistician Niall Corkery said.
He noted that the highest house price growth in Dublin was in Dublin City at 12.6% while Dún Laoghaire-Rathdown saw a rise of 8.1%.
Outside Dublin, house prices were up by 9.4% and apartment prices increased by 5.9%.
“The region outside of Dublin that saw the largest rise in house prices was the Border (Cavan, Donegal, Leitrim, Monaghan, and Sligo) at 14.4%, while at the other end of the scale, the Mid-East (Kildare, Louth, Meath, and Wicklow) saw a 7.5% rise,” Mr Corkery added.
Meanwhile, the most expensive Eircode area over the 12 months to October was D06 ‘Dublin 6’ with a median price of €725,000, while H23 ‘Clones’ had the least expensive price of €118,500.
Residential property prices had risen by 9.9% in the year to September and October marked the second successive monthly slowdown since house price growth hit a fresh annual high of 10.1% in August.
Commenting on today’s CSO figures, Goodbody’s chief economist Dermot O’Leary said that residential transactions were up 1% year on year in October.
But he noted a continued divergence in trends in the new and second-hand markets, as has been the case throughout 2024.
“In the first ten months of 2024, transactions overall fell by 3%, with new home transactions up 7% and second-hand transactions down 6% year on year,” Mr O’Leary said.
“The biggest contributor to the growth in new home transactions has been First-Time Buyers (FTBs), up 14% year on year. Pent-up demand, a strong labour market and government supports for owner-occupation for FTBs are all playing a role here,” he added.
Article Source – Residential property prices up 9.7% in October – CSO – RTE