Despite surging mortgage interest rates and an escalating cost of living, Ireland’s housing market remains robust. In 2023, house prices witnessed a 4.4% increase compared to the previous year, defying the economic challenges. Dublin experienced a 2.7% rise, while areas outside the capital saw a more significant uptick at 5.7%.
According to a report from the Central Statistics Office, current house prices have surpassed the peak of the Celtic Tiger boom in 2007. As of December 2023, the national average for home purchases stands at €327,000. The contrast in regional averages is stark, with Longford recording the lowest at €165,000 and Dún Laoghaire-Rathdown in Dublin soaring to €622,250.
Despite a slight dip of 2.9% in December’s sales compared to 2022, last year marked the highest transaction volume since 2012, with 5,063 houses changing hands. The housing market’s resilience continues to confound expectations amid economic uncertainties.