Dublin: National house prices increased by over 7% in the past year, despite rising mortgage rates and cost-of-living pressures, according to the latest Central Statistics Office (CSO) data. The residential property price index showed a 7.3% annual increase in March, up from 6.2% in February. Dublin saw a 7.2% rise, while prices outside Dublin climbed by 7.4%. This marks the seventh consecutive month of price inflation in the market, with the national median home price now at €333,000. The most expensive area was A94 in Blackrock, Dublin, with a median price of €720,000, while Castlerea in Co. Roscommon was the cheapest at €135,000.
Joey Sheahan, head of credit at MyMortgages.i.e., noted that while an interest rate cut by the European Central Bank may be forthcoming, it is unlikely to immediately impact the Irish property market. He cautioned against waiting for rate cuts to buy or switch mortgages, as Irish banks have not fully passed on recent ECB rate increases and are unlikely to quickly pass on reductions.
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