Residential property prices increased 9.4% year-on-year in November, the Central Statistics Office (CSO) has said.

Property prices rose 9.6% in Dublin and 9.2% outside the capital in the 12 months to November, and the median price of a dwelling purchased in that span was €350,000.

The lowest median price paid for a dwelling was €180,000 in both Leitrim and Longford, while the highest was €654,999 in Dún Laoghaire-Rathdown.

The most expensive Eircode area over the 12 months to November 2024 was D06 (Dublin 6) with a median price of €725,000, while H23 (Clones) had the least expensive price of €127,000.

In Dublin, house prices rose by 9.9% and apartment prices increased by 8.3% year-on-year. Price growth was fastest in Dublin city at 11.7% and slowest in Dún Laoghaire-Rathdown at 6.9%.

Outside of Dublin, house prices were up 9.5% and apartment prices rose 5.8%. The border region (Cavan, Donegal, Leitrim, Monaghan and Sligo) made the biggest gain at 13.8%, and mid-east (Kildare, Louth, Meath, and Wicklow) saw a 6.5% rise.

Nationally, property prices are now 16% higher than they were at their previous peak in April 2007.

Dublin residential property prices are 4% higher than their February 2007 peak, while residential property prices in the Rest of Ireland are 16.7% higher than their May 2007 peak.

Property prices nationally have increased by 158.7% from their trough in early 2013.

Dublin residential property prices have risen by 157.5% from their February 2012 low, while residential property prices in the Rest of Ireland are 168.6% higher than at the trough, which was in May 2013

There were 4,443 dwelling purchases by households at market prices in November, a decrease of 3.8% from 4,618 in November 2023 and 9% from 4,881 in October.

The total value of transactions filed with the Revenue in November was €1.9bn, and existing homes accounted for the vast majority (78.1%) of purchases.

The balance of 972 (21.9%) were new dwellings, an increase of 4% compared with November 2023.

Of the 48,661 purchases in November, 17,443 (35.8%) were made by first-time-buyers, while former owner-occupiers purchased 25,807 (53%), and 5,411 (11.1%) were acquired by non-occupiers. 

Trevor Grant, chair of Irish Mortgage Advisors, said that inflation was still very high and that all eyes would be on the incoming government to see if it can tackle Ireland "seemingly insurmountable housing crisis".

The new government has promised to deliver 300,000 homes by the end of 2030.

"The new government will need to do its utmost to reach these targets and to make housing more affordable for the many who are priced out of the market," said Grant.

"More supply will ultimately make more homes available to would-be buyers, while also keeping the rate of house price growth in check. Falling ECB rates will add to the new government’s housing challenges.

"Recent ECB rate cuts – and the expected cuts to follow this year - could fuel further house price growth as falling rates could encourage more to buy and drive prices up more.

"The government in waiting must also address the lack of labour to build houses. Skill shortages and access to labour are critical challenges for the building industry which unfortunately are also driving up house building costs and in turn house prices."

(Pic: Getty Images)