News Business Residential Property Prices Surge in January - CSO Report
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Inflation

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Residential Property Prices Rise by 5.4% in January

The Central Statistics Office (CSO) has released new figures indicating a 5.4% increase in residential property prices during the 12 months leading up to January. This surge follows a previous month's growth of 4.1%. Let's delve into the details:

Dublin vs. Outside Dublin

In Dublin, residential property prices experienced a 4.5% rise. Meanwhile, properties outside Dublin saw an even higher increase of 6.1% compared to the previous year.

Specifics by Property Type

Breaking it down further, house prices in Dublin rose by 4.7%, while apartment prices increased by 3.9%. Notably, Dublin City witnessed the highest house price growth at 6.2%, whereas Dún Laoghaire-Rathdown saw a more modest rise of 2.6%. Outside of Dublin, house prices surged by 6%, and apartment prices soared by 7.4%. The Mid-West region (encompassing Clare, Limerick, and Tipperary) experienced the most significant house price growth at 9.5%. In contrast, the Border region (including Cavan, Donegal, Leitrim, Monaghan, and Sligo) saw a more conservative increase of 2.4%.

Median Prices and Regional Variations

The median price for a home stood at €330,000 in January. Leitrim had the lowest median price at €165,000, while Dún Laoghaire-Rathdown boasted the highest at €620,000. The priciest Eircode area was A94 "Blackrock" with a median price of €720,000, while F45 "Castlerea" had the most affordable price at €134,000.

Transaction Trends

Revenue data revealed that 3,621 homes were filed at market prices in January, representing a 1.5% decrease compared to the same month last year. The total value of transactions filed reached €1.4 billion. Existing dwellings accounted for 77.7% of home deals, while new dwellings constituted 22.3%. Additionally, there were 1,304 first-time buyer purchases in January, reflecting a 4.9% increase from the previous year.

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