Republic of Ireland news

House prices in Republic approaching 2007 Celtic Tiger peak

The median price paid for a house in Dublin during the year to March 2022 was €410,000 (£349,000).

HOUSE prices in the Republic are closing in on the peak reached during the 2007 Celtic Tiger property boom.

The Central Statistics Office (CSO) said its residential property price index in March 2022 was just 2.1 per cent lower than its highest level in 2007.

House prices jumped by 12.7 per cent in a year in Dublin, with prices outside the city up by 17.3 per cent in the past 12 months.

The CSO said the median price paid for a house in the Republic in the 12 months to March this year was €285,000 (£242,582), with new builds averaging €335,000 (£285,158).

The latest official measure of house prices in the north, put the average price of a home at £159,151 in the fourth quarter of 2021.

That's 29 per cent below the peak of £224,670 from the third quarter of 2007.

The Northern Ireland Research and Statistics Agency said prices rose by 7.9 per cent during 2021, with 29,769 residential properties sold, the highest number since 2006.

Across the border, the Dublin region had a median price of €410,000 (£349,000) during March, ranging from €601,000 (£511,583) in Dún Laoghaire-Rathdown to €374,999 (£319,206) in South Dublin.

The highest median prices outside of Dublin were in Wicklow at €390,000 (£331,975) and Kildare at €344,998 (£293,669), while the lowest price was €136,500 (£116,191) in Longford.

Sinn Féin's housing spokesperson in the Republic, Eoin Ó Broin said border regions have seen prices rise by 25 per cent in a year.

He called on the Irish government to prioritise the delivery of “genuinely affordable” homes to buy.

“The government must revise upwards its affordable housing targets. The targets published last week were too unambitious and too low,” said the TD.

“The private market will not deliver affordable homes for the vast majority of people and it is time for the state to ramp up its direct delivery of new homes."

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Republic of Ireland news