The national Residential Property Price Index (RPPI) has reached the value of 164.9 points for July 2022, which is 0.8% above its highest level recorded at the peak of the economic boom in April 2007.
The national RPPI increased by 13.0% in the 12 months to July 2022, with prices in Dublin rising by 10.4% and prices outside Dublin up by 15.2%.
In July 2022, 4,443 dwelling purchases by households at market prices were filed with the Revenue Commissioners, an increase of 16.2% compared with the 3,822 purchases in July 2021.
The median price of a dwelling purchased in the 12 months to July 2022 was €295,000.
The lowest median price for a house in the 12 months to July 2022 was €145,000 in Longford, while the highest median price was €610,000 in Dún Laoghaire-Rathdown.
The national index has now reached the value of 164.9, which has surpassed its highest level at the peak of the property boom in April 2007 by 0.8%. Dublin residential property prices are 7.9% lower than their February 2007 peak, while residential property prices in the Rest of Ireland are 0.1% lower than their May 2007 peak.
Property prices nationally have increased by 124.7% from their trough in early 2013. Dublin residential property prices have risen by 128.1% from their February 2012 low, whilst residential property prices in the Rest of Ireland are 129.9% 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: “The RPPI has reached the value of 164.9 points for July 2022, which is 0.8% above its highest level recorded at the peak of the property boom in April 2007.
Residential property prices rose by 13.0% in the last 12 months, down from 14.0% in the year to June 2022. In Dublin, residential property prices saw an increase of 10.4%, while property prices outside Dublin were 15.2% higher than a year earlier.
In Dublin, house prices increased by 10.5% and apartment prices were up by 9.6%. The highest house price growth in Dublin was in Fingal at 11.8%, while Dún Laoghaire-Rathdown saw a rise of 9.1%.
Outside Dublin, house prices were up by 15.3% and apartment prices rose by 13.4%. The region outside of Dublin that saw the largest rise in house prices was the West (Galway, Mayo, Roscommon) at 19.1%, while at the other end of the scale, the Mid-West (Clare, Limerick, Tipperary) saw a 12% rise.
In July 2022, 4,443 dwelling purchases by households at market prices were filed with the Revenue Commissioners, an increase of 16.2% compared with the 3,822 purchases in July 2021.
Households paid a median or mid-point price of €295,000 for a residential property in the 12 months to July 2022. The lowest median price paid for a dwelling was €145,000 in Longford, while the highest was €610,000 in Dún Laoghaire-Rathdown.
The most expensive Eircode area over the last twelve months was A94 'Blackrock', with a median price of €720,000, while H23 'Clones' was the least expensive at €117,500."