Property prices now 2.2% above pre-crash peak

/ 13th October 2022 /

Property prices nationally are now 2.2% higher than the previous peak in April 2007, prior to the housing crash, although inflation slowed to 12.2% in the 12 months to August, down from 13.3% in July, as the housing market started to cool.

The latest figures from the Central Statistics Office show residential property prices grew 9.7% in Dublin year-on-year and 14.2% outside the capital.

In Dublin, house prices increased 9.9% and apartment prices rose 8.9% on an annual basis, with the highest rate of inflation in the price of property recorded in Fingal (10.6%) and the lowest in Dún Laoghaire-Rathdown (9.2%).

Outside Dublin, house prices rose 14.2% and apartments rose 13.1% year-on-year, with prices growing fastest in the west (Galway, Mayo and Roscommon) at 19.1%, and slowest in the south-west (Cork, Kerry) at 10.4%.

The price of new dwellings rose 7.7% on an annual basis in the second quarter, up from 6.2% in Q1 and 2.2% in Q2 2021, while the price of existing homes rose 16.3% year-on-year in Q2, up from 17.7% in Q1 and 6.7% in Q2 2021.

Overall, prices are 2.2% above April 2007 levels, although in Dublin property prices are 6.5% lower than their February 2007 peak, and in the rest of Ireland, prices are 1.3% above their May 2007.

Property prices nationally have increased by 127.9% from their trough in early 2013. Dublin residential property prices have risen by 131.5% from their February 2012 low, whilst residential property prices in the Rest of Ireland are 133.2% higher than at the trough, which was in May 2013.

Property prices
2007 — Overall, prices are 2.2% above April 2007 levels, although in Dublin property prices are 6.5% lower than their February 2007 peak, and in the rest of Ireland, prices are 1.3% above their May 2007. Pic: Getty Images

The median value of a home purchased in the 12 months to the end of August was €295,100, and a total of 4,295 such transactions were filed with the Revenue in August, up 14.1% from the 3,764 purchases made in the same month in 2021.

The highest median price was on a regional basis was €615,000 in Dún Laoghaire-Rathdown, and the lowest media price for the period was €149,500 in Longford. The most expensive Eircode was Blackrock (A94) at €725,000 and Ballyhaunis (F35) was cheapest at €120,000.