Real estate prices continue to rise, but the rate of increase is slowing

Real estate prices have continued to rise despite rising mortgage rates and a rising cost of living, making home buying more difficult.

But the rate of increase is slowing.

October figures from the Central Statistics Office show prices rose 9.8 percent in the year to October.

In Dublin, prices rose 8.3 per cent, and prices outside Dublin rose 11 per cent, according to Central

Office of Statistics.

According to real estate experts, the latest figures are based on sales contracts concluded a few months ago, which means that the CSO index could show a further slowdown in the rate of price increases in the coming months.

On a monthly basis, prices increased by 0.4 percent in October.

Although prices continue to rise, this is a slowdown from previous months.

In September the monthly increase was 0.6 percent and in August it was 1.1 percent.

There is evidence of slow real estate transactions.

In October, approximately 4,296 home purchases by households were submitted to the Revenue Commissioners at market prices.

This is down almost 1 percent from the 4,335 purchases seen in October last year.

The average price of an apartment bought in the year to October was €300,000.

The lowest median price for a house was €148,000 in Longford, while the highest median price was €620,000 in Dún Laoghaire-Rathdown.

The most expensive Eircode area over the last 12 months was Blackrock in Dublin with an average price of €732,500, while Ballyhaunis, Co. Mayo was the cheapest at €124,500.

CSO statistician Viacheslav Voronovich said: “Residential property prices have increased by 9.8 percent over the past 12 months, compared to 10.7 percent in the year to September 2022.

“In Dublin, house prices rose 8.3 per cent, while outside Dublin house prices were 11 per cent higher than last year.”

He said house prices in Dublin were up 8.5 percent and house prices 7.6 percent. The highest Dublin house price growth was in South Dublin at 10.9 per cent, while Dublin City saw a 7.2 per cent increase.

Outside Dublin, house prices rose 11.3 percent and apartment prices rose 7.5 percent. The region outside Dublin where house prices rose the most was the West (Galway, Mayo, Roscommon) with 16.3 per cent, while at the other end of the scale the South West (Cork, Kerry) rose by 9.2 per cent recorded.

The national index has now reached 168.4, up 2.9 percent from its peak at the height of the housing boom in April 2007.

House prices in Dublin are 5.7 per cent below their February 2007 peak, while house prices in the rest of Ireland are 1.8 per cent above their May 2007 peak.

Nationwide home prices have risen 129.5 percent since their early 2013 low.

Dublin house prices are up 133.6% from their February 2012 low, while house prices in the rest of Ireland are 134.2% higher than the May 2013 low.

Meanwhile, a separate publication by the CSO shows that more than a third of Irish households have received at least one inheritance or substantial gift at some point.

About 3pc received an inheritance and 9pc received a gift.

The median or mean value of these intergenerational wealth transfers was €80,200 among recipient households.

https://www.independent.ie/business/personal-finance/banking/property-prices-still-rising-but-rate-of-increase-slowing-down-42218795.html Real estate prices continue to rise, but the rate of increase is slowing

Fry Electronics Team

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