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Home-price growth speeds up again

Official figures show that annual growth in the price of residential property accelerated for the sixth month in a row in February.

The Central Statistics Office (CSO) said that home prices rose by 6.1% compared with February 2023 – up from growth of 5.4% in January.

The annual growth figure was the strongest since January 2023.

Prices rose at an annual rate of 5.6% in Dublin in February, while prices outside Dublin jumped by 6.5% over the year.

Mid-west tops list

Home prices rose by 0.3% during February alone, a smaller increase than those seen in the previous three months.

In the 12 months to February, house prices in Dublin rose by 5.9% while apartment prices rose by 4.5%. The highest house-price growth in Dublin was in Dublin city at 7.7%.

Outside Dublin, house prices were up by 6.3% over the. Year, while apartment prices rose by 9.1%. The region outside of Dublin that saw the largest rise in house prices was the mid-west (Clare, Limerick, and Tipperary) at 10.8%.

In February, 3,327 home purchases by households at market prices were filed with Revenue – a fall of 0.7% when compared with the 3,351 recorded in February 2023.

Households paid a median or mid-point price of €330,000 for a residential property in the 12 months to February 2024. This was unchanged from the January figure.