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House prices up 3.9% from last year, the lowest rate of increase in nearly two years

House prices outside Dublin are rising faster than prices in the capital.

HOUSE PRICES IN Ireland rose by 3.9% in the 12 months up to March 2023, according to new data from the Central Statistics Office (CSO) – the lowest rate of increase in nearly two years.

Residential property prices in Dublin rose by 1.7% and prices outside Dublin went up by 5.7% in that time.

The national rate of annual growth was the lowest in 23 months – an increase of 4.5% was recorded nationally in April 2021.

The median price of a house for that period was €310,000. Longford had the lowest median price at €154,000, while the highest median price was in Dún Laoghaire-Rathdown, at €635,000.

In Dublin, house prices increased by 1.6% and apartment prices went 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 rose by 5.9% and apartment prices by 2.6%. The region outside of Dublin that saw the largest rise in house prices was the border area (Cavan, Donegal, Leitrim, Monaghan, Sligo) at 8.4%.

The Mid-West (Clare, Limerick, Tipperary) had the smallest hike, at 2.8%.

Households paid a median or mid-point price of €310,000 for a residential property in the 12 months to March 2023. The lowest median price paid for a dwelling was €154,000 in Longford, while the highest was €635,000 in Dún Laoghaire-Rathdown.

The most expensive Eircode area over the 12 months to March 2023 was A94 (Blackrock in south Dublin), with a median price of €750,000, while F35 (Ballyhaunis in Co Mayo) had the least expensive price of €126,000.

The CSO said 4,132 ‘household’ dwelling purchases occurred in March 2023 – that is, houses not bought by investment firms.

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