I don’t usually write about Irish property prices; typically, you will find me publishing some funny Irish jokes or Celtic Symbols. But only recently, when I was back in Cork, everyone I talked to brought up the housing crisis and, of course, the big “I” word ‘INFLATION’.
My sister recently moved back from Australia to Cork and spent nearly seven weeks finding a rental property; it’s just crazy.
The latest statement from the CSO(Central Statistics Office) in Ireland is even more alarming. It only came out today, on the 12th of July, but it shows how bad the situation is.
I also created this image to help make the increase clearer.
Here are some stats about Irish property prices for May 2022
Residential property prices grew by 14.4% in the year to May 😲
- The national Residential Property Price Index (RPPI) increased by 14.4% in the 12 months to May 2022, with prices in Dublin rising by 11.7% and prices outside Dublin up by 16.6%
- In May 2022, 3,731 dwelling purchases by households at market prices were filed with the Revenue, an increase of 16.3% compared to the 3,207 purchases in May 2021
- The median price of a dwelling purchased in the 12 months to May 2022 was €290,000
- The lowest median price for a house in the 12 months to May 2022 was €138,000 in Longford, while the highest median price was €601,000 in Dún Laoghaire-Rathdown
Commenting on the release, Viacheslav Voronovich, Statistician, said:
Residential property prices rose by 14.4% in the 12 months to May 2022, marginally down from 14.5% in the year to April 2022. In Dublin, residential property prices saw an increase of 11.7%, while property prices outside Dublin were 16.6% higher than a year earlier.
In Dublin, house prices increased by 11.9% and apartment prices by 11.3%. The highest house price growth in Dublin was in Dublin City at 14.1%, while Dún Laoghaire-Rathdown saw a rise of 9.2%.
Outside Dublin, house prices were up by 16.8% and apartment prices rose by 14.0%. The region outside of Dublin that saw the largest rise in house prices was the South-East at 21.5%, while at the other end of the scale, house prices in the Mid-West increased by 11.4%.
Existing dwellings accounted for 3,079 (82.5%) of the dwelling purchases filed with the Revenue Commissioners in May 2022, the balance of 652 (17.5%) were new dwellings.
Households paid a median or mid-point price of €290,000 for a residential property in the 12 months to May 2022. The lowest median price paid for a dwelling was €138,000 in Longford, while the highest was €601,000 in Dún Laoghaire-Rathdown.
What do you think about these Irish property prices? Comment below and be sure to share.
Annette Kalimuddin
Saturday 16th of July 2022
The increase in Ireland is outrageous. In the States we have also experienced a tremendous increase in the prices of homes which has created a situation that the common person is unable to even consider purchasing a home yet alone afford one. What a sad state this is. The poorer become more poor and the richer become more rich.