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.
Explore the average property price, breakdown of buyers and trend of sales over time
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.”