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# Housing Crisis
House prices up 8% on this time last year, now 19% below Celtic Tiger peak - Daft report
Increases remain smaller in urban areas, compared to rural areas, although the gap is narrowing.
HOUSE PRICES ROSE by 2.4% on average during the first three months of 2022, according to property website Daft.ie, with the average listed price at €299,093, which is up 8.4% on the same period in 2021.
That’s just 19% below the Celtic Tiger peak.
Increases remain smaller in urban areas, compared to rural areas, although the gap is narrowing.
In Dublin, Cork and Galway cities, prices in the first quarter of 2022 were roughly 4% higher on average than a year previously, while in Limerick and Waterford cities, the increases were 7.6% and 9.3% respectively.
The largest increase in prices in the country was seen in Connacht-Ulster, where prices rose by 20.1% in the year to March – the highest rate recorded for the region since the series began in 2006.
Meanwhile, MyHome.ie’s quarterly report tells a similar story: the annual asking price accelerated to 12.3% nationwide year-on-year, and was up 8.6% in Dublin and 14% elsewhere around the country.
Meanwhile, the report found quarterly asking price inflation was 2.4% nationally, 2.2% in Dublin, and 2.7% elsewhere around the country.
This means the median asking price for new builds is now €295,000, while the price in Dublin is €385,000 and elsewhere around the country it is €245,000.
The number of residential properties that were sold for a price exceeding €1 million rose by 52% in 2021, with Dublin accounting for almost 80% of these transactions.
Conall MacCoille, Chief Economist at Davy noted that despite these increases in figures, that homes are being sold at 6.5% above asking prices – meaning these figures don’t reflect the final cost price for many homes sold in the past few months.
Note: Journal Media Ltd has shareholders in common with Daft.ie publisher Distilled Media Group.
