Property prices return to Celtic Tiger-era peak

The average cost of properties jumped by 14.1% in the 12 months to June.
Property prices return to Celtic Tiger-era peak

By Cate McCurry, PA

Residential property prices in Ireland have returned to the Celtic Tiger-era peak, according to the Central Statistics Office (CSO).

The national Residential Property Price Index (RPPI) reached 163.6 points for June 2022, which is equal to the highest level recorded at the peak of the economic boom in April 2007.

The price of properties jumped by 14.1 per cent in the 12 months to June, with prices in Dublin rising by 11.8 per cent and prices outside Dublin up by 16 per cent.

While residential property prices rose in the last 12 months, it is slightly lower than the 14.4 per cent increase reported in the year to May.

The median price of a dwelling purchased in the 12 months to June 2022 was €290,000.

The lowest median price for a house in the 12 months to June 2022 was €140,000 in Longford, while the highest median price was €605,000 in Dun Laoghaire-Rathdown, according to the CSO RPPI.

Viacheslav Voronovich, statistician in the CSO prices division, said: “In Dublin, house prices increased by 11.9 per cent and apartment prices by 11.2 per cent.

“The highest house price growth in Dublin was in Dublin city at 13.8 per cent, while Dun Laoghaire-Rathdown saw a rise of 10.1 per cent.”

Outside Dublin, house prices were up by 16.1 per cent and apartment prices rose by 14.4 per cent.

The region outside Dublin that saw the largest 12-months rise in house prices was the border including Cavan, Donegal, Leitrim, Monaghan, Sligo at 20.1 per cent while at the other end of the scale, house prices in the Mid-West, including Clare, Limerick, Tipperary increased by 11.9 per cent.

In June, 4,087 dwelling purchases by households at market prices were filed with the Revenue Commissioners, an increase of 17.7 per cent compared with the 3,473 purchases in June 2021.

Existing dwellings accounted for 3,308 (80.9 per cent) of the dwelling purchases filed with the Revenue Commissioners in June 2022, while 779 were new dwellings.

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