Residential property prices jump by 14%

ireland
Residential Property Prices Jump By 14% Residential Property Prices Jump By 14%
It total, existing residential properties accounted for 83.2 per cent of purchases filed with the Revenue Commissioners in November 2021, while just 768 were new properties. Photo: PA Images
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Residential property prices rose by 14 per cent in the 12 months to November 2021, according to new data released by the Central Statisitics Office (CSO).

In Dublin, residential property prices saw an increase of 12.8 per cent, as house prices increased by 13.5 per cent and apartment prices increased by 9.7 per cent.

The highest house price growth in Dublin was in Dún Laoghaire-Rathdown at 15.5 per cent, while Fingal saw a rise of 10.8 per cent.

Meanwhile, property prices outside Dublin were 15 per cent higher, with house prices increasing by 14.8 per cent and apartment prices up by 17.5 per cent.

The region outside of Dublin that saw the largest rise in house prices was the Border at 23.4 per cent.

The median price for a residential property was recorded as €276,000. The lowest median price paid for a residential property was €129,000 in Longford, while the highest was €590,000 in Dún Laoghaire-Rathdown.

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It total, existing residential properties accounted for 83.2 per cent of purchases filed with the Revenue Commissioners in November 2021, while just 768 were new properties.

'Silver lining'

According to the Institute of Professional Auctioneers & Valuers, one-off houses combined with work from home changes are driving increasing prices.

Pat Davitt, IPAV Chief Executive said: “Many areas of the country that would not previously have been seen as ideal locations for urban workforces, have now taken on that status, arising from blended work opportunities.

“As CSO data today also shows 90 percent of 35 to 44-year-olds who can work remotely want to be able to do so when restrictions end, so blended working is likely to be here to stay.

“In that sense the pandemic is likely to deliver the silver lining of greater regional diversity, breathing new life into areas where depopulation existed previously.”

Mr Davitt said the prices of standard type homes have been more steady since September with more stocking coming to the market.

“I would anticipate that at year-end price increases for the year will have tapered to a little over 10pc or thereabouts.”

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