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.
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."