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Property prices rise by 6.1% with regional areas rising faster than Dublin

Households paid a median of €305,000 for a residential property in the 12 months to January 2023.

THE PRICE OF housing is continuing to rise but the rate of increase is slowing, according to new data from the Central Statistics Office (CSO).

House prices rose by 6.1% in the 12 months up to January 2023, compared to an 7.8% hike in the year to December 2022, and an 8.5% rise in the year to November 2022. 

In the past year, property prices in Dublin rose by 4.3% and prices outside Dublin went up by 7.4%.

The price of an apartment in Dublin went up by 4% last year, while the price of a house there increased by 4.3%.

Outside Dublin, house prices were up by 7.6% and apartment prices rose by 4.8%. 

The region outside of Dublin that saw the largest rise in house prices was the border (Cavan, Donegal, Leitrim, Monaghan, Sligo) at 10.1%, while at the other end of the scale, the mid-west (Clare, Limerick, Tipperary) saw a 6.7% rise. 

In January 2022, 3,675 dwelling purchases by households at market prices were filed with the Revenue Commissioners – up by 4.4% compared with the 3,519 purchases in January 2023. 

Households paid a median or mid-point price of €305,000 for a residential property in the 12 months to January 2023.

The lowest median price paid for a dwelling was €151,500 in Longford, while the highest was €630,000 in Dún Laoghaire-Rathdown.

The most expensive Eircode area over the 12 months to January 2023 was A94, Blackrock, with a median price of €755,000, while F35, Ballyhaunis, was the least expensive at €127,500.

New builds

Tánaiste Michéal Martin has said the jury is out on whether more houses will be built this year than in 2022.

Speaking in New York yesterday, Martin said “we have turned a corner” in terms of housing, stating that 30,000 homes were built in Ireland last year, up from 20,000.

“Now if that’s not turning a corner, I don’t know what is turning a corner,” said the Tánaiste.  

When asked about some stating that there could be slowdown in construction this year, Martin said he has been told there there’s been a very significant rise in commencements in January.

“The highest on record. So I think the jury’s out in respect of the targets for this year, because we’ve increased our social housing targets, we’re hoping to reach close to 12,000 social housing provided,” he added. 

With reporting by Christina Finn in New York

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