The average mortgage loan for house purchases exceeded €300,000 for the first time last year, according to MyHome.ie’s latest quarterly report.
In the third quarter of 2024, the average residential mortgage loan stood at €308,200, marking a 7 per cent increase compared to the same period in 2023. October saw a further rise, with average mortgage approvals reaching a record €321,000, up 8 per cent year-on-year.
Property asking prices also continued to climb. In the fourth quarter, the median asking price for properties listed on MyHome was €365,000, reflecting an 8.4 per cent annual increase. In Dublin, the median asking price rose to €450,000, representing a 5.9 per cent increase – the slowest rate of inflation in the capital in over a year.
Counties surrounding Dublin saw mixed trends. Kildare recorded a median asking price of €310,000, up 10.7 per cent year-on-year. Meath experienced a more modest 1.7 per cent increase to €300,000, while Wicklow prices remained unchanged at €395,000.
For the rest of Ireland, property price inflation was significantly higher. Median prices outside the capital and its commuter counties rose by 9.8 per cent year-on-year, the highest rate recorded in two and half years.