Official figures show that annual growth in the price of residential property accelerated for the 11th month in a row in July.

The Central Statistics Office (CSO) said that home prices rose by 9.6% compared with July 2023 – up from a revised figure of 8.9% in June and the fastest rate of growth since October 2022.

The figures come as a Central Bank report estimates that around 52,000 new homes a year may need to be built until the middle of the century.

Dublin growth tops 10%

Prices jumped at an annual rate of 10.3% in Dublin in July, according to the CSO figures, while prices outside Dublin rose by 9.1% over the year.

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

Home prices rose by 1.2% during July alone – the biggest monthly rise since December last year.

In the 12 months to July, house prices in Dublin rose by 10.9% while apartment prices were up by 8%. The highest house-price growth in Dublin was in south Dublin at 12.1%.

Mid-west leads way

Outside Dublin, house prices were up by 9% over the year, while apartment prices rose by 10.6%. The region outside of Dublin that saw the largest rise in house prices was the mid-west (Clare, Limerick, and Tipperary) at 13.4%.

In July, 4,723 home purchases by households at market prices were filed with Revenue – an increase of 13.2% when compared with the 4,174 recorded in the same month last year. Just over three-quarter of these were existing homes.

Households paid a median or mid-point price of €340,000 for a residential property in the 12 months to July 2024.