The national Residential Property Price Index (RPPI) rose by 6.1% in the 12 months to January 2023, with prices in Dublin rising by 4.3% and prices outside Dublin up by 7.4%.
In January 2023, 3,675 dwelling purchases by households at market prices were filed with the Revenue Commissioners, up by 4.4% compared with the 3,519 purchases in January 2022.
The median price of a dwelling purchased in the 12 months to January 2023 was €305,000.
Non-household entities purchased 13,519 dwellings at market prices in 2022, an increase of 15.1% on the 11,749 purchases made by them in 2021.
Non-household entities in the NACE sector K: Financial & Insurance purchased residential dwellings with a total value of €1,562.6 million in 2022, more than in any other NACE sector.
In 2022, dwellings with the total value of €356.9 million at market prices were purchased by non-household entities with an address outside of Ireland
The national index has now reached the value of 167.7, which is 2.5% above its highest level at the peak of the property boom in April 2007. Dublin residential property prices are 7.3% lower than their February 2007 peak, while residential property prices in the Rest of Ireland are 2.4% higher than their May 2007 peak.
Property prices nationally have increased by 128.5% from their trough in early 2013. Dublin residential property prices have risen by 129.6% from their February 2012 low, whilst residential property prices in the Rest of Ireland are 135.7% 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 6.1% in the 12 months to January 2023, down from 7.7% in the year to December 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 4.3%, while property prices outside Dublin were 7.4% higher than a year earlier.
In Dublin, house prices increased by 4.3% and apartment prices were up by 4%. The highest house price growth in Dublin was in South Dublin at 9.8%, while Dublin City saw a rise of 1.3%.
Outside Dublin, house prices were up by 7.6% and apartment prices rose by 4.8%. The region outside of Dublin that saw the largest rise in house prices was the Border (Cavan, Donegal, Leitrim, Monaghan, Sligo) at 10.1%, while at the other end of the scale, the Mid-West (Clare, Limerick, Tipperary) saw a 6.7% rise.
In January 2023, 3,675 dwelling purchases by households at market prices were filed with the Revenue Commissioners, an increase of 4.4% compared with the 3,519 purchases in January 2022.
Households paid a median or mid-point price of €305,000 for a residential property in the 12 months to January 2023. The lowest median price paid for a dwelling was €151,500 in Longford, while the highest was €630,000 in Dún Laoghaire-Rathdown.
The most expensive Eircode area over the 12 months to January 2023 was A94 'Blackrock' with a median price of €755,000, while F35 'Ballyhaunis' was the least expensive at €127,500."
Commenting on the property transactions by non-household entities in 2022, Viacheslav added: “In 2022, non-household entities purchased 13,519 dwellings at market prices, an increase of 15.1% on the 11,749 purchases made by them in 2021. The total value of the purchases by non-household entities in 2022 was €4.6 billion, an increase of 31.8% on the 2022 value.
Non-household entities belonging to NACE sector K: Financial & Insurance purchased residential dwellings with a total value of €1,562.6 million in 2022, more than in any other NACE sector. Sector O,P,Q: Public/Education/Human Health/Social Work was the second largest buyer, with the total value of dwelling purchases of €1,334.3 million.”