Property price index now level with Celtic Tiger peak

ireland
Property Price Index Now Level With Celtic Tiger Peak Property Price Index Now Level With Celtic Tiger Peak
The national residential property price index is now equal to that recorded in April 2007 ahead of the global financial crisis. Photo: PA
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Tomas Doherty

The residential property price index is now level with the peak recorded during the Celtic Tiger.

The Central Statistics Office (CSO) said the national index reached the value of 163.6 points in June 2022, equal to that recorded in April 2007 ahead of the global financial crisis.

However, actual property prices are not yet at the level recorded in 2007 before the market crashed. In Dublin, residential property prices are 8.1 per cent lower than their February 2007 peak, though outside Dublin they are now just 1.3 per cent lower than their May 2007 peak.

House price inflation slowed slightly for the third consecutive month in June in a further signal that the market may be cooling in the face of higher living costs.

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The index showed that property prices nationally rose by 14.1 per cent over the year to June, down from a rate of 14.4 per cent in May.

In Dublin, residential prices saw an increase of 11.8 per cent, while property prices outside Dublin were 16 per cent higher year-on-year.

The median price paid for a property in the 12 months to the end of June was €290,000, the CSO said.

Longford saw the lowest median price, which was €140,000, while the highest median price was in Dún Laoghaire-Rathdown, where it now stands at €605,000.

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