Property prices up by 15.3%: Kinsale still Munster's most expensive address
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Property prices in Ireland soared by 15.3% nationally in the 12 months to February 2022, as the cost of housing nears the peaks last seen in 2007.
The Central Statistics Office’s latest Property Price Index shows that prices continue to grow faster outside of Dublin, up 16.8% in the last year, compared to the rise in the capital of 13.5%.
By Eircode, the most expensive place to buy a home in Munster is the Kinsale P17 Eircode with an average price of €463,872.
The average house price in areas such as Carrigaline and Ballincollig are both in excess of €350,000 while the average price of a home in the southside of Cork city is €344,994. On Cork city’s northside, meanwhile, the average price is €280,976.
The CSO’s Residential Property Price Index is just 2.5% off the peak last reached in 2007. Since property prices troughed in early 2013, they have more than doubled, rising 117.3%.
In February 2022, a total of 3,584 dwellings purchased by households at market prices were filed with revenue. This was an increase of 11.8% on the same month last year.
Across the country, households paid an average price of €330,294 for a home in the last 12 months.
In Dublin over the last year, the average cost of a property sold was €509,588. This compared to a median price — the middle figure between the cheapest and most expensive home —of €409,999.
The lowest median price for a house in the 12 months to February 2022 was €132,750 in Longford, while the highest median price was €600,000 in Dún Laoghaire-Rathdown.
Just under one third (31.9%) of people buying a home in the last 12 months were first-time buyers.
Over half (53.7%) were former owners/occupiers of a home while 14.4% were bought by individuals or groups who would not occupy the home.
CSO statistician Viacheslav Voronovich said: “Outside Dublin, house prices were up by 16.7% and apartment prices rose by 17.8%. The region outside of Dublin that saw the largest rise in house prices was the Border at 26.9%, while at the other end of the scale, house prices in the Mid-East increased by 14.5%.
By Eircode, the five most expensive areas in the country to buy were all in Dublin.
In the Dublin 4 Eircode, the average house in the last year went for €895,697. The next most expensive was Glenageary (€848,259) and Dublin 6 (€810,460).
The CSO said: “Outside of Dublin the most expensive Eircode area was A63 'Greystones', with a mean dwelling price of €526,367. The second most expensive Eircode area outside of Dublin was A98 'Bray', where the mean price was €504,431.” Kinsale was the third most expensive part of the country to buy outside of Dublin.
“The least expensive Eircode area over the last 12 months was F45 'Castlerea' [in Roscommon], with a mean price of €114,230,” the CSO added.
“The second least expensive Eircode area was H23 'Clones' [in Monaghan], where the mean price was €116,912. The third least expensive area was F56 'Ballymote' [Sligo], which had a mean price of €125,568.”