Residential property prices show 2.4% annual increase – CSO

Muireann Duffy

The average price of residential properties nationally increased by 2.4 per cent in the year to May, according to the latest figures from the Central Statistics Office (CSO).

The Residential Property Price Index was up by 4.5 per cent outside of Dublin, while prices in the capital fell by 0.2 per cent.

May noted the smallest annual increase of the year so far, falling steadily from the 6.2 per cent increase recorded in January's figures.

In May, 4,435 dwelling purchases by households at market prices were recorded, up 18.9 per cent on the same month last year.

Nationally, the median price paid for a residential property in the 12-month period was €315,000.

Dún Laoghaire-Rathdown continued to have the highest median price of any area in the country at €630,000, while Longford's median price of €160,000 was the lowest in the State.

Houses in the west of the country saw the biggest jump in prices over the period, rising by 5.7 per cent, followed by similar properties in the mid-east (up 5.6 per cent) and those in the Midlands (up 5.1 per cent).

In addition to the overall price decline in Dublin, three further categories in the capital saw reductions; houses in Dublin city (down 2.8 per cent), houses in Dún Laoighaire-Rathdown (down 1.6 per cent), and houses in Dublin overall (down 0.4 per cent).