The rate of increase of the average price paid for a home in Ireland has slowed to 2.4% from 3.4%, new figures indicate.
Meanwhile, the cost of a home outside Dublin increased by 4.5% in the 12 months to May, with the West region seeing the largest increase in prices at 5.7%.
The Residential Property Price Index (RPPI) measures the change in the average level of prices paid for residential properties sold in Ireland.
It excludes non-household purchases, non-market purchases and self-builds and allows for the fact that different types of property are sold in different months.
The national Residential Property Price Index increased by 2.4% in the 12 months to May 2023https://t.co/xSJjeN0zS2#CSOIreland #Ireland #Housing #HousingConstruction #HouseBuilding #NewDwellings #PropertyPrices #HousePrices #PlanningPermissions #IrishBusiness pic.twitter.com/SBrxSbECll
— Central Statistics Office Ireland (@CSOIreland) July 18, 2023
The RPPI for May, published by the Central Statistics Office on Tuesday, increased by 2.4% in the 12 months to May 2023, a fall from the 3.4% rise in the 12 months to April.
The median price of a dwelling purchased in the 12 months to May was 315,000 euro.
Prices in Dublin decreased by 0.2% and prices outside Dublin were up by 4.5%.
The lowest median price for a house in the 12 months to May was 160,000 euro in Longford, while the highest median price was 630,000 euro in Dun Laoghaire-Rathdown.
Statistician in the Prices Division Viacheslav Voronovich said: “Residential property prices rose by 2.4% in the 12 months to May 2023, down from 3.4% in the year to April 2023.
“In Dublin, residential property prices saw a decrease of 0.2%, while property prices outside Dublin were 4.5% higher than a year earlier.
“In the 12 months to May 2023, house prices in Dublin decreased by 0.4% and apartment prices were up by 0.4%. The highest house price growth in Dublin was in South Dublin at 4%, while Dublin City saw a decline of 2.8%.
“Outside Dublin, house prices were up by 4.7% and apartment prices rose by 1.7%.
“The region outside of Dublin that saw the largest rise in house prices was the West (Galway, Mayo, Roscommon) at 5.7%, while at the other end of the scale, the South-East region (Carlow, Kilkenny, Waterford, Wexford) and South-West (Cork, Kerry) saw a 3.5% rise.
“Households paid a median or mid-point price of 315,000 euro for a residential property in the 12 months to May 2023.
“The lowest median price paid for a dwelling was 160,000 euro in Longford, while the highest was 630,000 euro in Dun Laoghaire-Rathdown.
“The most expensive Eircode area over the 12 months to May 2023 was A94 ‘Blackrock’ with a median price of 741,503 euro, while F35 ‘Ballyhaunis’ had the least expensive price of 127,500 euro.”