DUBLIN: Geowox, an Irish property tech firm, has released its latest quarterly housing market report, revealing a significant trend where house prices in rural areas are on the rise due to increased demand as more people opt for homes in these regions, while urban areas experience price declines.
This comprehensive report is based on an analysis of entries in the Irish Property Price Register, providing insights into actual sales figures rather than just asking prices.
The data suggests a notable shift in homebuyer preferences towards rural areas, resulting in a 4.6 percent increase in these regions over the same period compared to the previous year.
During the third quarter of the year, rural housing prices saw a substantial 11.1 percent increase, while urban areas witnessed a decrease of 0.7 percent.
Dublin, where housing prices had previously reached their peak, reported a decrease of up to two percent, with the average house price in the capital standing at 425,000 euros.
Among the capital’s areas, Dublin 17 (-31.7 percent), Dublin 3 (-23.3 percent), and Dublin 2 (-19 percent) recorded the most significant average price declines. In contrast, Dublin 15, which includes Blanchardstown, experienced the highest average price growth at 2.9 percent.
The town of Sligo experienced a substantial decline, with a 14.5 percent drop over the year, making it the town with the most significant decrease in prices.
Conversely, Longford and Carlow emerged as towns with the “most notable price rises,” both registering a remarkable 16 percent increase over the same period.
In comparison to other counties in the Republic, Dublin’s house prices were notably higher by 55.1 percent, with the average house price at €274,000. Even in relatively affordable Roscommon, house prices increased by a noteworthy 17.2 percent. Nationally, sales prices saw a 4.9 percent rise compared to the same period in 2022, with the average house price in Ireland now at €320,000, reflecting a €15,000 increase in a year.
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