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House prices remained high during COVID period; CSO reports residential property prices in Ireland have risen nationally

DUBLIN: The latest figures from the Central Statistics Office show that housing prices have remained high during the pandemic time. CSO figures show that residential property prices have risen 2.2% nationally over the past 17 months. This is an increase of 0.2% year-on-year compared to November 2020 prices. In December 2019, prices were up 0.3%.

Property prices in Dublin rose 1.2%, according to the CSO report. This is the third time in July 2019 that prices in Dublin have risen on an annual basis. At the same time, home prices increased by 3.1% in the rest of the country.

House prices in Dublin rose by 0.2%, while the price of apartments rose by 5.1%. According to CSO data, house prices rose by 3.1% outside Dublin and apartment prices rose by%.

New home prices were up 2% in the fourth quarter of last year. On an annual basis, existing housing prices are 0.3% higher than in 2019.

A total of 4,988 property deals worth €1.6 billion were filed with Revenue in December. This is 13.6% more than in December 2019 and 17.8% more than in November.

This includes 3,907 (78.3%) transactions related to existing residences. This is an increase of 15.4% in transactions compared to December 2019. The balance of 1,081 transactions (21.7%) were for new properties – up 7.5% annually.  In 2020, former owners bought 20,117 properties. These transactions account for 52.9% of the market.

The first buyers bought 12,644 properties, accounting for 33.3% of sales. The remaining 5,249 (13.8%) property transactions were made by non-occupiers and investors. Half of the properties sold went to high prices and half to low prices. The national average was 0 €260,000 and in Dublin €380,000.

The highest average price in Dublin was €532,000 – in the Dun Laoghaire Rathdown area. A house sold in Blackrock cost €615,000.

Wicklow is the area with the highest average price outside Dublin. The average price there is €349,000. A house in Greystone worth €450,000 was sold at a high price. The lowest median price area outside of Dublin is Leitrim. The average price here is €110,000. The lowest median price is at Castlerea in Co Roscommon, with an average price of €77,500.

The number of new homes constructed last year decreased by just 1.9%. This indicates that there has been no significant decline in the construction sector, as the government feared in the collapse of the lockdown.

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