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Home price growth slows to 12.2% in August – CSO

Residential property prices increased by 12.2% in the year to the end of August according to the Central Statistics Office, down from 13.3% in the 12 months to July.

Prices in Dublin rose by 9.7% over the year, while prices outside the capital were up by 14.2%.

The median price of a home purchased over the course of the year to August was €295,100.

Longford was the county with the lowest median price for a house during the period at €149,500, while the highest median price was recorded in Dún Laoghaire-Rathdown in south Dublin at €615,000.

“In Dublin, house prices increased by 9.9% and apartment prices were up by 8.9%,” said Viacheslav Voronovich, Statistician in the CSO Prices Division.

“The highest house price growth in Dublin was in Fingal at 10.6%, while Dún Laoghaire-Rathdown saw a rise of 9.2%.”

Away from the capital, house prices rose by 14.2% and apartment prices increased by 13.1%.

The largest rise in house prices outside Dublin was in the western counties of Galway, Mayo and Roscommon at 19.1%.

In the south-west, the counties of Cork and Kerry saw the lowest rate of increase at 10.4% recorded.

The data also shows that prices for new properties nationally in the second quarter of the year were 7.7% higher than in the same period last year, down from 6.2% in the year to the end of March.

Prices of existing dwellings in the second quarter were 16.3% higher than in corresponding quarter of 2021.

In volume terms, 4,295 dwellings were purchased by households in August, up 14.1% from the 3,764 in August of last year.

In the year to August, 49,395 homes were bought by households, with a third purchased by first time buyer owner-occupiers and 54% by former owner-occupiers.

The balance were purchased by non-occupiers.

Residential property prices nationally now stand at 2.2% above their highest level recorded in April 2007 during the Celtic Tiger property boom.

However, in Dublin they remain 6.5% lower than the peak recorded in the capital in February 2007.

In the rest of the country, though, they are 1.3% above their May 2007 pinnacle.

Article Source: Home price growth slows to 12.2% in August – CSO – Will Goodbody – RTE

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