The national Residential Property Price Index (RPPI) increased by 7.8% in the 12 months to December 2022, with prices in Dublin rising by 6% and prices outside Dublin up by 9.3%.
In December 2022, 5,213 dwelling purchases by households at market prices were filed with the Revenue Commissioners, an increase of 0.8% compared with the 5,170 purchases in December 2021.
The median price of a dwelling purchased in the 12 months to December 2022 was €305,000.
The lowest median price for a house in the 12 months to December 2022 was €152,000 in Longford, while the highest median price was €625,000 in Dún Laoghaire-Rathdown.
The national index has now reached the value of 169, which is 3.3% above its highest level at the peak of the property boom in April 2007. Dublin residential property prices are 6.2% lower than their February 2007 peak, while residential property prices in the Rest of Ireland are 3% higher than their May 2007 peak.
Property prices nationally have increased by 130.3% from their trough in early 2013. Dublin residential property prices have risen by 132.2% from their February 2012 low, whilst residential property prices in the Rest of Ireland are 136.9% higher than at the trough, which was in May 2013. See Figure 1.3.
RPPI is based on Revenue stamp duty returns, which have a 44 day submission deadline. To account for this fact and also for late filings, the RPPI for the latest three months is provisional and subject to revision. See Background Notes.
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Statistician's Comment
Commenting on the release, Viacheslav Voronovich, Statistician in the Prices Division, said: “Residential property prices rose by 7.8% in the 12 months to December 2022, down from 8.5% in the year to November 2022, and from the high values of 15.1% in the 12 months to February and March 2022. In Dublin, residential property prices saw an increase of 6%, while property prices outside Dublin were 9.3% higher than a year earlier.
In Dublin, house prices increased by 6.1% and apartment prices were up by 5.4%. The highest house price growth in Dublin was in South Dublin at 11%, while Dublin City saw a rise of 3.5%.
Outside Dublin, house prices were up by 9.6% and apartment prices rose by 5.3%. The region outside of Dublin that saw the largest rise in house prices was the West (Galway, Mayo, Roscommon) at 14.9%, while at the other end of the scale, the South-East (Carlow, Kilkenny, Waterford, Wexford) saw an 6.7% rise.
In December 2022, 5,213 dwelling purchases by households at market prices were filed with the Revenue Commissioners, an increase of 0.8% compared with the 5,170 purchases in December 2021.
Households paid a median or mid-point price of €305,000 for a residential property in the 12 months to December 2022. The lowest median price paid for a dwelling was €152,000 in Longford, while the highest was €625,000 in Dún Laoghaire-Rathdown.
The most expensive Eircode areas over the 12 months to December 2022 were A41 ‘Ballyboughal’ and A94 'Blackrock', both with a median price of €750,000, while F35 'Ballyhaunis' was the least expensive at €126,000."