House prices in the Republic have risen by an average of 12 per cent last year, a new survey has found, with the median price rising by €40,000 year-on-year to €370,000.
The Geowox Housing Market Report, which looks at the entries in the residential property price register in the last three months of the year, showed the number of homes sold in the final quarter was 11 per cent down compared to 2023, with 15,326 homes sold.
Of that, new homes accounted for 3,677 homes, down 5.4 per cent year-on-year, with a median value of €445,000.
The most expensive homes were seen in Dublin City, with a median price of €555,000 rising to €770,000 in Dublin 4. The lowest in Dublin was in the Dublin 10 area of the county, at €306,000. Outside of Dublin, Longford had the lowest median price in the country at €215,000.
In general, more energy efficient homes - those with a BER of A or B - achieved a higher median sales price of €430,000, compared to €336,000 for those homes with a C rating or below.
“The Irish housing market is becoming increasingly competitive,” said Marco Giardina, Geowox’s head of data. “Energy-efficient and new homes continue to command premiums, while affordability concerns are limiting overall market activity.”
The most recent data from the Central Statistics Office showed residential property prices in the Republic increased 9.4 per cent in the 12 months to November as the shortage of homes persisted. That had eased from 9.7 per cent in the year to October.
Experts have warned that prices will continue to rise unless supply is increased. “Agents are reporting strong prices with competing buyers in a limited market continuing to push beyond asking prices, particularly in high demand areas,” said Institute of Professional Auctioneers & Valuers chief executive Pat Devitt.
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