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

The Central Statistics Office (CSO) said that home prices rose by 8.6% compared with June 2023 – up from growth of 8.5% in May and the fastest rate of growth since October 2022.

Prices jumped at an annual rate of 9.3% in Dublin in February, according to the CSO figures, while prices outside Dublin rose by 8.2% over the year.

After a long period during which Dublin prices lagged, this was the third month in a row in which price growth in Dublin outpaced that in the rest of the country.

Dublin city leads way

Home prices rose by 0.7% during June alone – the biggest monthly rise since January.

In the 12 months to February, house prices in Dublin rose by 10% while apartment prices were up by 6.6%. The highest house-price growth in Dublin was in Dublin city at 11.7%.

Outside Dublin, house prices were up by 8% over the year, while apartment prices rose by 10%. The region outside of Dublin that saw the largest rise in house prices was the mid-west (Clare, Limerick, and Tipperary) at 12%.

In June, 3,563 home purchases by households at market prices were filed with Revenue – a fall of 11.5% when compared with the 4,025 recorded in the same month last year.

New and existing homes

Households paid a median or mid-point price of €337,500 for a residential property in the 12 months to June 2024.

CSO figures for the second quarter (Q2) of 2024 show that residential property prices of new dwellings were 7.4% higher than in the same quarter of 2023. This compares with an increase of 8.5% in the year to the first quarter of 2024.

Prices of existing homes in Q2 of 2024 were 8.6% higher than in the corresponding quarter of 2023. This compares with an increase of 5.7% in the year to the first quarter of 2024.