One in three first-time buyer (FTB) homes purchased in 2024 were valued at over €400,000—three times the share recorded in 2019.
That’s according to the latest Mortgage Market Profile Report from the Banking and Payments Federation Ireland (BPFI), which highlights a sharp rise in property prices and mortgage values over the past five years.
The report, covering the second half of 2024, offers an in-depth look at borrower profiles, including loan sizes, property types, and regional trends. The findings show a significant increase in both property values and borrowing levels for FTBs nationwide.
Between 2019 and 2024, the median property value for first-time buyers rose by more than €100,000—an increase of 37 per cent—reaching almost €372,000 last year.
Alongside rising property prices, the median mortgage value for FTBs also climbed steeply. Over the five-year period, the typical mortgage rose by €78,000 or 36%, bringing the median loan amount close to €294,000 in 2024.
Despite these cost increases, income growth has not kept pace. The median basic household income for first-time buyers rose by just 22 per cent—from €70,000 in 2019 to €85,000 last year—lagging behind both property and mortgage value increases, which may further intensify affordability concerns.