The CSO (Central Statistics Office) just published the residential property/house price index of Ireland in January 2023. The increasing rate of the residential property price is decreased again to 6.1%, compared to the last January.
Residential Property Price Index 12 month % change
- 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
Residential Property Price Index - Historical Trends
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- Looking at the historical trends, the price in January 2023 also decreased from last month.
- 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.
Recent Months in Dublin
- Base 2015 = 100
- If we dig into details of Dublin, the residential price has been decreasing during recent months from the final quarter of 2022. Similar trends can be observed for sub regions of Dublin for both apartments and houses.
- The price of DLR - houses has been decreasing the most compared to others, in line with the overall decreasing trend in Dublin - all. This should include the highest Eircode such as AY94, which has been the most expensive Eircode in Ireland. And usually we can observe the upper market starts to have the easing of the price.
- The price for South Dublin - houses remain higher compared to others, and started decreasing in January.
- With the peak points higher than others, the prices for South Dublin - houses and Dublin apartments have been increased quite higher compared to others.
Given the easing of the price increase observed so far, it would be interesting how the property price inflation goes during this year 2023. Do you feel the house price is stabilizing or decreasing recently?