Irish house prices rose by 9% in 2024, report finds

James Cox

The price of buying a home in Ireland last year rose by 9 per cent, according to the latest report from Daft.ie.

It shows the most expensive place to buy a house is in Dublin, followed by Cork and Galway.

The average cost of buying a home nationally stood at just over €332,000, while in Dublin the cost was almost €700,000.

Cork prices rose 6.3 per cent to €347,263 and Galway was up 9 per cent to €389,742, while Limerick city listed prices rose 8.2 per cent to €284,138, and Waterford city’s rose 6.3 per cent to €247,236.

Trinity College Dublin economist Ronan Lyons, who authored the Daft report, said that “once again” it is down to “weak supply and strong demand” in Ireland’s housing market.

“If the goal of policymakers is to ensure stable housing prices, then, this has been the least successful year for policymakers since 2017, when prices rose by roughly the same proportion.

“With incomes and employment growing, demand for owner-occupied housing is likely growing at close to 5 per cent per year. But while the number of newly-built homes being transacted is increasing, it is growing much more slowly than demand.”

Mr Lyons added: “The number of newly homes transacted in the open market in the first nine months of 2024 was the highest on record, since the start of the Property Price Register in 2010. But, at just over 7,200, it was only marginally higher than the number transacted in 2023 – and indeed only 4 per cent higher than the 6,950 transacted in the same nine months of 2018, a full six years ago.”