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Photograph: Leah Farrell / Leah Farrell
Housing Crisis

House prices surpass boom-era peak as properties outside of Dublin shoot up in value

Prices of dwellings outside of Dublin have gone up 9.8% over 12 months.

HOUSE PRICES HAVE hit a record high as property prices have risen to 3% higher than they were at the peak of the property boom in April, 2007. 

The latest findings from the Central Statistics Office show that residential property prices have increased by 129.7% from their low in early 2013. 

Overall, the National Residential Property Price Index increased by 8.6% in the 12 months to November 2022, as prices went up by 7% in Dublin, and prices outside of Dublin went up by 9.8%. 

The median price of a residential property purchased in the 12 months prior to November 2022 was €300,000.

The lowest median price regionally was €150,000 in Longford, while the highest median price was €620,000 in Dún Laoghaire-Rathdown.

Statistician Viacheslav Voronovich pointed out that the amount of dwellings purchased also increased as in November 2022 4,901 residential property purchases were filed with Revenue, an increase of 7.3% compared to the same period last year. 

“The most expensive Eircode area over the 12 months to November 2022 was A94 ‘Blackrock’, with a median price of €745,000, while F35 ‘Ballyhaunis’ was the least expensive at €125,000,” Voronovich added. 

The prices of new dwellings rose by 9.1% over the 12 month period. Overall, prices of new residential properties have risen by 93.3% since their trough in the middle of 2013, and the prices of existing dwellings are now 131.9% higher than their low in 2012. 

The most frequent type of buyer within the time frame assessed by the CSO were former owner-occupiers, who purchased 53.5% of the properties bought, while first time buyers represented 33.2% of buyers, and non-occupiers represented 13.3%. 

Social Democrats TD Cian O’ Callaghan has said that the continuing rise in house prices is “deeply concerning”. 

“The Government needs to urgently change tack on its housing policy. The Minister must immediately act to increase the supply of social, cost rental and affordable purchase homes, and tackle delivery bottlenecks when it comes to land and financing.

“In addition, the scandalous waste of vacant properties must be confronted head on with the introduction of a punitive tax to heavily discourage leaving homes empty,” he said. 

O’ Callaghan added that in his view, “given the prohibitive cost of home ownership, it is clear we cannot just rely on the property market to solve the housing crisis”. 

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