Residential property prices have surged once again, as people continue to struggle with the cost of living crisis.
New figures released by the Central Statistics Office (CSO) show that property prices rose by 14.4 per cent in the 12 months to December 2021.
Current prices are almost reaching the peak seen during the Celtic Tiger. Since reaching their lowest point in 2013, residential property prices have risen by 114 per cent.
Prices in Dublin rose by 13.1 per cent while prices outside of Dublin rose by 15.4 per cent.
Existing dwellings accounted for 4,010 (77.6 per cent) of the dwelling purchases filed with the Revenue Commissioners in December 2021, while the balance of 1,160 (22.4 per cent) were new dwellings.
The median residential property price in the 12 months to December 2021 was €280,000.
The highest median price was €595,000 in Dún Laoghaire-Rathdown, while the lowest median price for a house was €130,000 in Longford.
Residential property prices rose to 14.4% in the year to Decemberhttps://t.co/S71M9nuD0y #CSOIreland #Ireland #Housing #HousingConstruction #HouseBuilding #NewDwellings #PropertyPrices #HousePrices #PlanningPermissions #IrishBusiness #BusinessStatistics #BusinessNews pic.twitter.com/HgBnH1ZpnN
— Central Statistics Office Ireland (@CSOIreland) February 16, 2022
Commenting on the surge in prices, Trevor Grant, chairman of the Association of Irish Mortgage Advisors, said: “The impact of inflation is being felt across a broad spectrum of goods and services, and property prices are no different.
“However, while the growth in property prices remains strong, we would expect this to slow as the year progresses.
“This is due to the anticipated increased supply coming on stream, and the Central Bank’s macroprudential rules kicking in, as exceptions potentially diminish or become harder to obtain, and borrowing power is reduced accordingly.”
