The Daily Star Ireland
Property prices across Ireland have continued to climb, with a notable double-digit increase. According to the Central Statistics Office (CSO), national property prices surged by 10% in the year leading up to September.
In September alone, prices rose by 0.9% compared to August. Dublin saw an almost 11% increase in property prices, while the rest of the country experienced a 9.4% rise.
This marks the 13th consecutive month of price increases, fueled by a persistent shortage of supply coupled with strong demand from homebuyers.
The Border region, which includes Cavan, Donegal, Leitrim, Monaghan, and Sligo, saw the largest price jump, with a 15.3% increase from the previous year. On the other hand, the Mid-East region, covering Kildare, Louth, Meath, and Wicklow, had a more modest rise of 7.5%.
In September, 4,167 housing transactions were recorded by the Revenue Commissioners, representing a 2.1% decline from the 4,255 sales in September 2023.
The median price of a home purchased in the year to September was €346,000. Longford had the lowest median price at €175,000, while Dún Laoghaire-Rathdown had the highest, at €637,500.
CSO statistician Niall Corkery noted that residential property prices increased by 10% in the year leading up to September 2024, slightly down from the 10.1% rise in August. Dublin experienced a 10.8% increase, while prices outside the capital rose by 9.4%.
In terms of new versus existing homes, second-hand properties saw stronger price increases. In the three months to September, new home prices were 6.4% higher than the same period the previous year, while existing home prices jumped by 11%.
The CSO also revealed that 1,443 first-time buyer transactions were recorded in September 2024, marking a 0.9% increase from the previous year. These included 480 new homes and 963 existing homes.
In total, 48,559 homes were purchased across Ireland in the year to September, with 35.4% of these purchases made by first-time buyers. The majority, 52.9%, were bought by former homeowners, while 11.7% were purchased by non-occupiers, such as housing charities and investment funds.
The national property price index has now surpassed its previous peak during the property boom in April 2007 by 14.4%. Dublin property prices are 2.8% higher than their peak in February 2007, while prices outside Dublin are 14.9% above their May 2007 peak.
Since the property market’s lowest point in early 2013, national property prices have increased by 155.1%. Dublin property prices have risen by 154.5% from their February 2012 low, while prices in the rest of Ireland have surged by 164.5% since their trough in May 2013.
