Ireland Property Price Trends - August 2022

Irish house prices have almost reached to the point during their Celtic Tiger peak [1], which is not a good news for people searching for family homes. The good news is that the market starts to slow down with recent trends [2] or returning to normal with an improved volume of both second-hand homes and new ones are available in the market [3, 4].

"As prices are slowing, more properties are coming onto the market, as tends to happen in this kind of environment" [2]

"Early indications are that stock levels will be replenished in the coming weeks, with an improved volume of both second-hand homes and new homes coming to the market. And although the frenzied bidding evident in the opening weeks of the year has diminished, demand remains strong, with a notable urgency from purchasers to transact more quickly in the face of rising interest rates. As always, the market performance will not be homogenous, but at this juncture we are expecting a busy season" [3]

In this post, we go through recent data regarding properties in Ireland from several perspectives to give an overview of the current market:

• Sold properties statistics from Property Register
• Daft trends
• Recent CSO report
• Recent news about housing crisis

 

Sold properties statistics from Property Register

4,142 sold properties have been registered for 2022-8
This is -9.88% change from last month
This is -12.41% change from the same month of last year

The mean price of sold properties is 374,879.19 EURO for 2022-8
This is -6.23% change from last month
This is 11.59% change from the same month of last year

The median price of sold properties is 295,000.0 EURO for 2022-8
This is 1.46% change from last month
This is 10.9% change from the same month of last year

The top-5 most expensive sold properties are

• Block E7 and Block G Clay Farm, Part of Folio DN79535F, Leopardstown (64,471,885 EURO)
• SORRENTO, NERANO RD, DALKEY (6,250,000 EURO)
• STELLA MARIS, BAILY, HOWTH (5,700,000 EURO)
• 36 LEESON PARK, RANELAGH, DUBLIN 6 (4,724,500 EURO)
• 26 PALMERSTON PARK, RATHGAR, DUBLIN 6 (4,500,000 EURO)

 

 

Daft trends

We can see the number of available properties in Ireland on Daft.ie has been steadily increasing over the last months, including a relatively sharp increase starting from September. 

Recent CSO Report on Residential Property Price Index July 2022

• 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.

Recent news 

[1]. House Prices Reach 2007 Peak For First Time Since Financial Crash

[2]. Residential property prices up 6% this year but auctioneers forecast market to slow

[3]. What will happen to the property market this year? Sherry FitzGerald MD Marian Finnegan explains

[4]. Housing market ‘returning to normal’ following pandemic, Davy says

[5]. House prices almost 1% higher than previous Celtic Tiger peak but inflation cools rising costs