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Dublin: 11°C Friday 22 October 2021

There are only three Irish counties where the average house price is under €100,000

The CSO’s property price index shows that house prices have risen sharply in the past year.

File Photo Construction activity is continuing to increase according to the latest Ulster Bank Index. Source: Laura Hutton/Rollingnews.ie

THE CENTRAL STATISTICS Office has published its residential property index for April, with the average price paid for a home was €247,771.

As a whole, the prices of property at national level has increased by 10.5% in the 12 months to April.

In Dublin, house prices are up 8.1% while apartments are up 8.6% in the same period. Across the rest of the country, house prices have risen 13.4% in the last year.

The biggest annual change in house prices is found in the west of the country, rising nearly a fifth (17.8%) in the past 12 months.

County breakdown

house prices cso Source: CSO

Across the country, only three counties had an average house price that was under €100,000.

The lowest was Longford with €88,837, followed by Leitrim with €97,637 and Roscommon at €99,117.

At the other end of the spectrum, Dublin was by far the most expensive, with the average home in the city costing €389,895.

The most expensive place by council district was Dun Laoghaire-Rathdown, where the average house cost €563,011.

Outside of Dublin, Wicklow had the most expensive homes in Leinster, costing an average of €315,013.

In Connacht, the most expensive county was Galway with the average house costing €171,060.

Cork had the priciest homes in Munster, costing €212,005. And, in Ulster, Monaghan had the highest average house price of €133,045.

Since property prices in Ireland reached their lowest ebb in early 2013, the average price of homes in Ireland have increased by 52.1% according to the CSO.

The cost of property in Dublin has increased by over two-thirds (68.1%) in this time.

In a series of statements today, think tanks have warned that Ireland could be heading towards another unsustainable property bubble.

The Irish Fiscal Advisory Council has warned that the construction sector could cause Ireland’s economy to overheat if it grows much more quickly than is currently anticipated.

“The risk of overheating in coming years is significant,” it said in its latest fiscal assessment report. “This is particularly so if a sharp supply response to possible penty-up demand in the housing market were to contribute to unsustainable construction-led growth.”

Echoing these statements, the OECD has also warned that another Irish housing bubble could be created due to a sharp rise in house prices and property-related lending.

“The sharp rise in prices and lending raises concerns that another bubble may be forming, and the authorities should stand ready to tighten prudential regulations if needed,” it said.

Read: ‘It could take 40 years to provide enough homes for people on Dublin’s housing list’

Read: These are the most expensive places to buy a home outside Dublin by Eircode

About the author:

Sean Murray

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