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Property prices have now reached the same level as the Celtic Tiger peak - CSO

The high follows a 14.1% price increase over the past year.

Image: RollingNews.ie

THE CSO HAS said its Residential Property Price Index (RPPI) has reached the same level as the peak of the Celtic Tiger boom in 2007. 

The index for June 2022 has reached the value of 163.6 points, the same same record level last seen in April 2007. 

The high follows a 14.1% price increase over the past year, with prices in Dublin rising by 11.8% and prices outside Dublin up by an average of 16.0%. 

The area and property type that has seen the biggest increase is houses in border areas that are up by 20.1%. 

The median, or midpoint, for the price of homes purchased nationally in the past year was €290,000. 

The lowest median price was in Longford where the figure was €140,000, while the highest median price was €605,000 in the Dún Laoghaire-Rathdown area.  

PastedImage-76191 Source: CSO

The RPPI is based on Revenue stamp duty returns, so it gauges sale prices rather that other surveys that measure asking prices. 

In June 2022, there were 4,087 homes purchased based on stamp duty returns, an increase in activity of 17.7% based on the 3,473 purchases in June 2021.

Recent asking price surveys have shown that house prices are still increasing but the pace of that increases has slowed

Responding to today’s index, Trevor Grant of the Association of Irish Mortgage Advisors said that “activity within the sector is not dwindling”.

“Although inflation could well be eating into the “pandemic savings” which drove some mortgage activity a year ago, we suspect that mortgage market activity will continue to increase as we approach the last quarter of the year,” he said.  

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About the author:

Rónán Duffy

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