PROPERTY PRICES CLIMBED by 8.1% in the 12 months to January this year, according to figures released by the Central Statistics Office (CSO).

In January, property prices rose for the 17th month in a row, leaving the average cost significantly higher than at the peak of the Celtic Tiger property boom in 2007. 

The CSO’s latest property price index shows that the median price of a home sold in Ireland was €359,999 in the last year.

Prices in Dublin rose by 7.5%, while prices outside Dublin were up by 8.6% compared with January 2024.

The highest median price for a property was €662,349 in Dun Laoghaire-Rathdown, while the lowest was €180,000 in Leitrim.

The national Residential Property Price Index increased by 8.1% in the 12 months to January 2025https://t.co/LBdqEEiWLH#CSOIreland #Ireland #Housing #HousingConstruction #HouseBuilding #NewDwellings #PropertyPrices #HousePrices #PlanningPermissions #IrishBusiness pic.twitter.com/qvaiJqE3vK

— Central Statistics Office Ireland (@CSOIreland) March 19, 2025

The most expensive Eircode area over the 12 months to January was A94 Blackrock with a median price of €743,500.

Clones, Co Monaghan, had the least expensive price of €133,000.

The region outside of Dublin that saw the largest growth in house prices was the north and north-west (Cavan, Donegal, Leitrim, Monaghan, and Sligo) at 12.7%, while at the other end of the scale, the mid-east (Kildare, Louth, Meath, and Wicklow) saw a 5.8% rise.

House prices rose by 8.5%, while apartment prices climbed by 5.8%.

‘Loss of momentum’ in housing market

The continued property price increases were announced just one day after the Central Bank’s latest forecasts show it estimates the Government will miss its housing targets over the next three years.

This year, the Central Bank estimated that 35,000 homes will be built – 6,000 less than the revised government targets.

Rachel McGovern, Deputy Chief Executive at Brokers Ireland, said this is exacerbating the home ownership desires of huge swathes of the population.

“The Central Bank’s report yesterday is just the latest in a string of reports pointing to the loss of momentum in the housing market,” she said.

McGovern added that there needs to be “a shake-up” in the State’s response to housing.

“We need to hear less about targets and more about solid initiatives to change policy, such as the new Strategic Housing & Infrastructure Delivery Office promised in the Programme for Government 2025,” McGovern said.

“We need to hear what is being done to speed up housing infrastructure such as water services and land re-zoning.”

She said the Government needs to be “brave and decisive” and not let another year pass before it acts on the recommendations of the Housing Commission.