The average price of a home in Dublin is now over €600,000.
With latest official figures showing prices nationally are rising at an annual rate of almost 10 per cent, the Central Statistics Office (CSO) confirmed the average price paid for a home in the capital in October was €603,453, up from €542,271 a year earlier.
That is 12 times the average full-time salary – which is notionally put at €50,000 – and reflects the huge affordability challenge facing buyers. The CSO confirmed the average price paid for home nationally in October was €429,212, up from €382,510 in the same month last year.
The latest figures come ahead of a predicted slowdown in new home completions this year which are expected to come in slightly below last year’s total of 33,000. Housing output is, however, expected to increase again in 2025 and 2026.
The residential property price index, published on Wednesday, indicates prices nationally increased by 9.7 per cent in the year to October, down from a rate of 10 per cent the previous month.
Prices in Dublin rose at a rate of 10.4 per cent year-on-year with values outside the capital increasing by 9.2 per cent.
With supply still a problem, and interest rates on a downward curve, demand appears to be driving prices forward. A fall in the supply of second-hand properties available for sale is also seen as a factor.
The figures indicated households paid a median or midpoint price of €350,000 for a residential property in the 12 months to October. The highest median price paid for a dwelling was €645,000 in Dún Laoghaire-Rathdown.
The CSO said there were 4,881 purchases by households at market prices filed with Revenue in October, up 17.1 per cent on the previous month. The total value of transactions filed in October was €2.1 billion.
“Buyers are once again feeling the heat in the seemingly ever-rising Irish property market,” said Robert Gardiner of estate agent Auctioneera. “Price growth being in double-digit territory in Dublin as per the data today is no surprise and is yet more bad news for those looking to get on the property ladder.
“Underlying the high property prices is the continued lack of supply of homes to the market. Demand is high, with attendances at viewings across the country consistently busy.”
Rachel McGovern of Brokers Ireland said: “The Housing Commission estimated the housing deficit to be between 212,000 and 256,000 homes based on the 2022 census.
“Decision makers need to quit debating the semantics around numbers and what various organisations figures are,” she said.
“We know that whatever the precise figure, we’re very far from building what’s needed, and the number of new homes built this year is likely to come in at only half what’s needed, around 33,000, not taking into the account the deficit,” she said.
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