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The CSO has published the Residential Property Price Index for March 2023, with the latest figures highlighting an increase of 3.9% over the last twelve months. Meanwhile, the monthly percentage change demonstrates a 0.6% reduction compared to February 2023. This represents the third consecutive monthly decrease.
The headline figures are as follows:
- The national Residential Property Price Index (RPPI) increased by 3.9% in the 12 months to March 2023, with prices in Dublin rising by 1.7% and prices outside Dublin up by 5.7%.
- In March 2023, 4,132 dwelling purchases by households at market prices were filed with the Revenue Commissioners, up by 5.4% compared with the 3,921 purchases in March 2022.
- Residential property prices of new dwellings in the first quarter of 2023 were 11.1% higher than in the corresponding quarter of 2022. This compares with an increase of 10.1% in the year to the fourth quarter and an increase of 6.2% in the four quarters to Q1 of 2022.
- The median price of a dwelling purchased in the 12 months to March 2023 was €310,000.
- The lowest median price for a house in the 12 months to March 2023 was €154,000 in Longford, while the highest median price was €635,000 in Dún Laoghaire-Rathdown.
Property prices for new dwellings in Q1 2023 were 11.1% higher than Q1 2022, which indicates a strong market for new builds at the start of the year. Conor O’Connell, Director of Housing, Planning and Development Services commented: “the demand for quality new build homes across Ireland is very much a driving force in the residential property market. The prices that we are seeing during the first quarter of this year reflects the increased cost of housing delivery, resultant from higher material costs, inflationary pressures, and lengthy planning process timelines”.
Conor O’Connell commented that “the industry anticipates prices remaining steady with supply struggling to meet demand. Government initiatives, such as the Help to Buy scheme and the First Home Scheme, should be availed of by the public where they are looking to get onto the housing ladder”.
A link to the full report can be found here: https://www.cso.ie/en/releasesandpublications/ep/p-rppi/residentialpropertypriceindexmarch2023/