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Residential property prices rise by 1.4% in November

Residential property prices posted annual growth of 1.4% in November, the fastest growth in three months, new figures from the Central Statistics Office show.

The increase of 1.4% in November is down sharply from growth of 7.2% a year ago, the CSO said.

House prices have stabilised over the last year having shot up for five years following a crash just over a decade ago. 

Dublin residential property prices decreased by 0.7% in the year to November, with house prices down by 0.5% and apartments falling by 1.2%. 

The CSO noted that the highest house price growth in Dublin was seen in Fingal with prices rising by 3%, while Dun Laoghaire-Rathdown prices saw a decline of 6.3%. 

Meanwhile, property prices outside of Dublin rose by 3.6% in the year to November, with house prices up by 3.6% and apartments prices increased by 3.9%. 

The region outside of Dublin that saw the largest rise in house prices was the Border at 9.9%, while at the other end of the scale, the Mid-East saw a 0.4% rise.

Property prices nationally have increased by 85.7% from their low point in early 2013, the CSO figures show. 

Dublin residential property prices have risen 94.9% from their February 2012 low, while  residential property prices in the Rest of Ireland are 84.3% higher than at their low point in May 2013.

Consumers paid a mean, or average price of €295,706 for a home on the residential property market in the 12 months to November. 

The mean price in Dublin – at €438,729 – was the highest in any region or county. 

Dún Laoghaire-Rathdown had the highest mean price in the Dublin region at €600,335, while South Dublin had the lowest at €363,324. 

The CSO said that outside of Dublin, the Mid-East was the most expensive region, with a mean price of €301,142. Wicklow was the most expensive county in the Mid-East region, with a mean price of €357,831.

The Border region was the least expensive region in the year to September 2019, with a mean price of €144,090. Leitrim was the least expensive county, with a mean price of €118,733.

Today’s CSO figures also show that in the year to November, a total of 45,192 house purchases were filed with Revenue. 

Of these, 31.8% were purchases by first-time buyer owner-occupiers, while former owner-occupiers purchased 52.7% of the homes. The remaining 15.5% were acquired by non-occupiers.

Revenue data shows that there were 1,355 first-time buyer purchases in November, a rise of 1.1% on the 1,340 recorded the same time last year. 

These purchases were made up of 470 new homes and 885 existing homes, the CSO added.

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