The property/house price growth starts slowing down in Ireland from recent figures and news. Marian Finnegan, the managing director of Sherry FitzGerald says:
"Although demand remains robust, the frenzied bidding activity that was a feature of the post pandemic period has eased"
A recent report by the Economic and Social Research Institute (ESRI), also has suggested that house prices were now overvalued by at least 7 per cent. And the Irish property market is headed for "a perfect storm" of rising construction costs and flattening or falling house prices, an industry expert has warned. There are many aspects contributing to the ease of the rising property price such as:
which are two important factors in the demand and supply game of the property market.
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
Sold properties statistics from Property Register
4,473 sold properties have been registered for 2022-9
This is 7.99% change from last month
This is -15.81% change from the same month of last year
The mean price of sold properties is 400,354.55 EURO for 2022-9
This is 6.8% change from last month
This is 8.56% change from the same month of last year
The median price of sold properties is 295,000.0 EURO for 2022-9
This is 0.0% change from last month
This is 7.27% change from the same month of last year
The top-5 most expensive sold properties are
- Davitt PRS Development, Davitt Road, Drimnagh (111,280,172 EURO)
- 1 HAMPTON WOOD SQUARE, HAMPTON WOOD, FINGLAS (54,500,000 EURO)
- 16 Amber Way, The Miles, Clonakilty (25,338,384 EURO)
- 3/4 Poplar Row, Annesley Bridge, Ballybough (15,423,665 EURO)
- 9 - 40 Walker's Grove, Parkside, Balgriffin (14,080,000 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. It is actually over 20000 multiple times during the last month, which is a good sign of increasing stock of properties in Ireland.
Recent CSO Report on Residential Property Price Index August 2022
- The national Residential Property Price Index (RPPI) increased by 12.2% in the 12 months to August 2022, with prices in Dublin rising by 9.7% and prices outside Dublin up by 14.2%.
- In August 2022, 4,295 dwelling purchases by households at market prices were filed with the Revenue Commissioners, an increase of 14.1% compared with the 3,764 purchases in August 2021.
- The median price of a dwelling purchased in the 12 months to August 2022 was €295,100.
- The lowest median price for a house in the 12 months to August 2022 was €149,500 in Longford, while the highest median price was €615,000 in Dún Laoghaire-Rathdown.