Strong annual growth in residential property prices slowed for the first time in 18 months in April, new figures from the Central Bureau of Statistics show today.
Residential property prices saw year-on-year growth of 14.2% in April compared to a seven-year high of 15.1% in March, CSO figures reveal.
Home prices rose 0.1% on a monthly basis, the lowest monthly expansion since property price inflation began to pick up again in mid-2020 after a brief dip at the start of the Covid-19 pandemic. .
Today’s figures show residential property prices in Dublin rose 11.5% in the year to April, while property prices outside of Dublin were 16.4% higher than a year earlier.
Dublin house prices increased by 11.3% and apartment prices increased by 12.8%. The CSO noted that the highest house price growth in Dublin was recorded in Dublin City at 12.7%, while Dún Laoghaire-Rathdown saw 9% growth.
Outside of Dublin, house prices rose 16.4% and apartment prices 16.3%.
The region outside of Dublin that saw the largest increase in house prices was the border at 22.1%, while at the other end of the scale, the Midwest saw an increase of 11.7%.
The CSO said residential property prices in Dublin are 10.2% lower than their February 2007 peak, while residential property prices in the rest of Ireland are 3.2% lower than its May 2007 peak.
Today’s CSO figures show that consumers paid an average price of €286,000 for a home in the residential property market in the 12 months to April.
The Dublin region had the highest average price of €410,000 in the year to April.
Within the Dublin region, Dún Laoghaire-Rathdown had the highest average price at €605,000, while South Dublin had the lowest at €375,000.
The highest average prices outside Dublin were recorded in Wicklow (€395,000) and Kildare (€345,000), while the lowest price was €137,000 in Longford.
For its part, the Eircode area with the highest average price per home was A94 ‘Blackrock’ with prices of €720,000.
The second most expensive Eircode area was D04 ‘Dublin 4’ where the average price was €675,500, while the third most expensive area was A96 ‘Glenageary’ with an average price of €630,500.
The Eircode area with the cheapest average price within Dublin was D10 ‘Dublin 10’, where the average price was €266,500.
Outside of Dublin, the most expensive Eircode area over the last 12 months was A63 ‘Greystones’, with an average price of €499,999.
The second most expensive Eircode zone was A98 ‘Bray’, where the average price was €430,000, while the third most expensive was W23 ‘Celbridge’, which had an average price of €394,980.
The cheapest Eircode zone in the last 12 months was F45 ‘Castlerea’, with an average price of €115,000.
The second cheapest Eircode zone was F35 ‘Ballyhaunis’ where the average price was €120,000 and the third least expensive Eircode zone was H14 ‘Belturbet’ with an average price of €121,000.
According to today’s statistics, a total of 3,446 home purchases were presented to the Treasury in April, an increase of 9.8% compared to the 3,138 purchases in April 2021 and a decrease of 12% compared to the 3,918 purchases in March 2022.
The total value of operations registered in April was 1,100 million euros.
Existing homes accounted for 84% of home purchases filed in April, an increase of 8.2% compared to the same period last year.
The remaining 16% were new homes, an increase of 19.3% compared to April 2021.