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Irish Property Prices Rise 8.7% in 2024 Amid Strong Demand and Limited Supply

In December 2024, Ireland’s national Residential Property Price Index (RPPI) experienced an 8.7% increase compared to December 2023, indicating a slight deceleration from the 9.4% growth observed in November 2024. Dublin’s property prices rose by 8.3%, while areas outside Dublin saw a 9.0% increase.

Regional Variations

  • Dublin: House prices increased by 8.7%, with apartment prices up by 6.9%. Fingal led the growth with a 10.0% rise, whereas South Dublin experienced a 6.9% increase.
  • Outside Dublin: House prices climbed by 9.3%, and apartment prices by 5.8%. The Border region, encompassing Cavan, Donegal, Leitrim, Monaghan, and Sligo, saw the highest house price growth at 14.2%. In contrast, the Mid-East region, including Kildare, Louth, Meath, and Wicklow, reported a 5.9% rise.

Transaction Volumes and Median Prices

December 2024 recorded 5,177 dwelling purchases by households at market prices, marking a 2.3% increase from the 5,063 transactions in December 2023. The national median price for a residential property over the 12 months to December 2024 was €355,000. Longford had the lowest median price at €182,250, while Dún Laoghaire-Rathdown recorded the highest at €660,000.

Eircode Area Insights

The A94 ‘Blackrock’ Eircode area emerged as the most expensive, with a median price of €730,000 over the past year. Conversely, H23 ‘Clones’ was the least expensive, with a median price of €131,000.

Historical Context

As of December 2024, the national RPPI reached a value of 191.2, standing 16.5% above the peak of the property boom in April 2007. Dublin’s residential property prices are now 4.5% higher than their February 2007 peak, while prices in the rest of Ireland are 17.2% above their May 2007 peak. Since the market’s low point in early 2013, national property prices have surged by 160.3%.

These figures underscore the ongoing challenges in Ireland’s housing market, characterised by robust demand and constrained supply, leading to sustained price growth across the country.