Residential property prices rose 3.6% in April

June 15, 2023

Residential property prices nationally rose in April by 3.6% on an annual basis, according to the CSO.

This compares to an annual rate of 4% in March.

Prices nationally were static over the course of April.

Prices have been falling slowly in Dublin since October. They are down 2% over the past three months but remain up 1% on an annual basis. Prices outside Dublin fell by 0.1% over the past three months and are up 5.6% on an annual basis.

Houses in Dublin City remain the only category to show an annual decrease in prices of 2.5%.

The price of new homes and existing homes continued to diverge. Prices of new homes rose by 11.1% in the first quarter of this year compared to the same three months in 2022. This compares to a rate of 10.1% in the year to the fourth quarter of 2022.

Prices for existing homes rose by 3.5% in the first quarter of 2023, compared to the first quarter of last year. This compares to a rate of 8.2% in the year to the fourth quarter of 2022.

The volume of homes purchased fell in April by 5.3% compared with the same month last year. Volumes also fell by just over 21% compared with March.

Existing homes accounted for 81% of properties sold, down 8.8% on last year. New homes accounted for just over 19%, which was up just over 13% compared with last year.

A total of 49,975 property purchases were registered with Revenue in the year to April.

Around a third, 33.6% or 16,813 were bought by first-time buyers. The number of first-time buyers also rose by 2.7% in April this year compared to April 2022.

Former owner occupiers made up 54%, or 26,917 purchases. The balance of 6,245, or 12.5%, was accounted for by non-occupiers which includes investors, local authorities and housing bodies.

The median, or mid-price, property nationwide was €313,000 in April. In Dublin, that rose to €435,000.

The highest median priced property was in Dún Laoghaire Rathdown at €634,998. The lowest median priced property was in Longford at €160,000.

Article Source – Residential property prices rose 3.6% in April – RTE

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