Cork property prices rise €30k in last 12 months

The price of purchasing a property in Cork has risen by €30,000 in the last 12 months, according to the latest figures published in the MyHome Property Price Report.

The report for Q3 2025, published in association with Bank of Ireland, shows that the median asking price for a property rose by 9.7% in Cork county and by 4.6% in Cork city.

Data from the report revealed that the asking price for a three-bed semi-detached house across Cork rose by €30,000 over 12 months, to €340,000, representing a €10,000 increase over the quarter.

It also shows that the asking price for a four-bed semi-detached house across Cork rose by €22,500 over the last 12 months to €417,500, representing an increase of €5,000 over the quarter.

Further, on a national scale, the report shows that one in five transactions settled at 20% or more above asking price, with the annual asking price inflation standing at 5.7%.

At the end of Q3, there were 1,490 properties for sale in Cork, with the average time for a property to go sale agreed across the city and county standing at 12 and a half weeks.

Conall MacCoille, chief economist with the Bank of Ireland, said the report provides evidence that house price inflation is “finally slowing down, but the pace of price rises is merely softening”.

“The market is still extremely difficult,” said Mr MacCoille.

“There are currently just 13,000 properties listed for sale on MyHome, flat on the year and still down from levels exceeding 20,000 prior to the Covid-19 pandemic.”

Mr MacCoille said that even though affordability was becoming more stretched, competition in the market was still fierce.

“Irish house price-to-earnings are now at their most expensive level since 2009,” said Mr MacCoille.

“However, such is the level of competition among homebuyers that the typical property in September was sold 8% above the original asking price, a fresh high.”

He said that despite the difficult market, home completions represented a silver lining, rising to 32,700 in the 12 months to June.

“Misleading reports that homebuilding was likely to contract in 2025 have proven well wide of the mark,” he said.

“We are sticking with our forecast for 34,500 completions in 2025.”

Mr MacCoille said it was likely that the number of first-time buyers, who take on higher levels of mortgage debt, would slow next year.

“House prices are now likely to rise closer to the current pace of average earnings growth at 5%,” said Mr MacCoille.

“This certainly isn’t the solution to Ireland’s housing problem, however, at least the deterioration in affordability seems to be levelling off for now.”

Joanne Geary, managing director of MyHome, said it is “encouraging to observe that home completions have reached their highest level in nearly two decades”.

“Significant improvements in supply are likely to be evident only over the medium to long term, so maintaining momentum remains critical.

“The Government should continue to seek and implement effective measures to further encourage homebuilding activity.”