02 Jul 2022

Property prices rising faster outside of Dublin

Property prices rising faster outside of Dublin

Property prices have increased by 8.6% nationally up to July of this year, latest figures show.

While the Residential Property Price Index (RPPI) increased by 8.6% nationally in the year to July 2021, prices in Dublin rose by 8.1% with prices outside Dublin rising by 9.1%

In July 2021, 3,822 dwelling purchases by households at market prices were filed with Revenue, an increase of 49.2% compared to July 2020

The median price of a dwelling purchased in the 12 months to July 2021 was €267,000
In the 12 months to July 2021, the lowest median price for a house was €120,000 in Longford, while the highest median price was €560,00 in Dún Laoghaire-Rathdown.

Commenting on the release, Viacheslav Voronovich, statistician, said: “In the period before COVID-19, the annual growth in residential property prices fell gradually from 13.4% in April 2018 to 0.9% in March 2020. While price growth remained subdued throughout most of 2020, a trend of accelerating growth emerged in the latter part of the year and into 2021.

"Residential property prices increased by 2.2% annually in December 2020, before price growth rose to 8.6% in July 2021. In Dublin, residential property prices saw an increase of 8.1% in the year to July 2021, while property prices outside Dublin were 9.1% higher," he said. 

The pandemic had a significant effect on purchasing power for houses. 

"COVID-19 restrictions impacted on the ability of households to buy dwellings. Households purchased 2,351 dwellings in April 2020, a reduction of 28.9% compared to the same month in 2019. In May 2020, households purchased 1,937 dwellings, a fall of 46.2% and the lowest monthly number of purchases since February 2014," Mr Voronovich said

"Since the latter part of 2020, the number of dwellings purchased by households have returned to pre-COVID-19 levels. In the first seven months of 2021, there were 24,280 dwellings purchased by households at market prices. This compares to 24,416 for the first seven months of pre-pandemic 2019," he said. 

Existing dwellings accounted for 3,221 (84.3%) of the dwelling purchases filed with the Revenue Commissioners in July 2021, the balance of 601 (15.7%) were new dwellings,

Households paid a median price of €267,000 for a dwelling on the residential property market in the 12 months to July 2021. 

Within the Dublin region, Dún Laoghaire-Rathdown had the highest median price (€560,000), while Fingal had the lowest (€362,125).

The highest median prices outside of Dublin were in Wicklow (€370,000) and Kildare (€330,000), while the lowest price was in Longford (€120,000).

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