Property prices increased by 7.9% in the 12 months to May, with the median home price reaching €370,000, according to the Central Statistics Office.
The latest Residential Property Price Index shows prices rising faster than the previous month, up from 7.6% growth in April. Dublin property prices increased by 6.9%, while areas outside the capital saw steeper rises of 8.7%.
Regional variations were significant, with Dún Laoghaire-Rathdown recording the highest median price at €670,000 compared to Leitrim’s lowest at €186,000. Within Dublin, Fingal experienced the strongest house price growth at 9.3%, while Dún Laoghaire-Rathdown saw more modest increases of 5.1%.
The Border counties of Cavan, Donegal, Leitrim, Monaghan, and Sligo recorded the highest regional growth outside Dublin at 11.1%, while the South-East saw the smallest increase at 7.7%.
The CSO noted that Dublin residential property prices now stand 5.3% above their February 2007 peak, while prices elsewhere are 20.5% higher than their May 2007 peak. Nationally, property prices have surged 165% from their early 2013 trough.
Revenue data showed 3,824 dwelling purchases worth €1.6 billion in May, including 1,388 first-time buyer transactions.
Brokers Ireland described the outlook as “bleak” for prospective buyers and renters, citing supply shortages. Deputy Chief Executive Rachel McGovern warned that buyers are taking on “ever larger levels of debt” and called for “dramatic and unprecedented” government measures to address zoning, planning, and infrastructure impediments.