The Central Statistics Office (CSO) released the Residential Property Price Index for March 2023, which shows that the national residential property index increased by 3.9% compared to 12 months ago.
The good thing is that the 12 month-increasing rate slowed down in the past months as we can notice from the figure below. But still note that 3.9% increase still indicate the house price is increasing. The prices in Dublin rise by 1.7% and prices outside Dublin are up by 5.7%.
Dublin House Prices
If we delve into more details about the Dublin areas, especially houses, we can see that the house prices in Dublin City decreased a little bit. In contrast, we can also notice that South Dublin house prices are still increasing over 6% each month compared to that of 2022.
Available Properties
If we look at the number of available properties on Daft.ie, we can easily notice that the stock level is not increasing during the last couple of months. Normally, there should be some increasing trend during the January and Feburary, and the number should be increasing from May to the end of the year in the past years.
If we look at the increase of the number of properties during the last year, the trend is obvious. However, the trend seems does not hold anymore and the stock level has been steady for both nationally and Dublin, and it seems like the stock level will not go up as usual. This might in turn give an upper pressure to the prices of properties despite of the increasing mortgage interest rates, particularly in the South Dublin areas.
