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“Ireland’s House Prices Skyrocket: Dublin and Inner Counties Witness Steep Surge!”

Dublin: According to a report from the Central Statistics Office (CSO), residential property prices in Ireland are experiencing rapid escalation, with a notable 6.1% increase observed in February. This surge is attributed to a scarcity of new housing developments, prompting allegations from the opposition that the new Prime Minister’s assertions regarding sufficient housing availability are unfounded.

The report indicates a 5.4% rise in house prices in January, with February marking the most accelerated increase in a year. The highest recent spike occurred in February 2022 at 15.1%, while the lowest increase was recorded at 1.1% last August.

In Dublin, residential property prices remain 2.6% below their peak in February 2007, whereas prices outside the capital have surpassed their May 2007 peak by up to 9.1%, as per the CSO findings.

Trevor Grant, chairman of the Association of Irish Mortgage Advisers, voices concern over the February surge, highlighting its barrier effect on aspiring homebuyers. Notably, rural areas are not immune to rising property costs.

Property prices within Dublin increased by 5.6% in February, while those outside Dublin soared by 6.5%. House prices within Dublin climbed by 5.9%, with apartment prices rising by 4.5%. The steepest house price increase within Dublin, 7.7%, was recorded in Dublin City, while Fingal saw a 4.5% rise.

Outside Dublin, house prices surged by 6.3%, accompanied by a 9.1% increase in apartment prices, with the average house price standing at €330,000. Notably, homes in Leitrim sold for an average of €165,000.

Black Rock and Dunlarry emerge as areas with the highest property prices, with the most expensive house sale last month recorded in Dunlary Rathdown at €620,000. The highest average price in the past year was in the Eircode Area ‘A94 Black Rock’, where homes sold for an average of €715,025, while the most affordable area was Castlerea, with houses priced at €135,000.

February saw a total of 3,327 home purchases, a marginal decrease of 0.7% compared to the same period last year. First-time buyers accounted for 1,162 of these purchases, representing a slight decline of 0.3% from the previous year. The total value of housing transactions in February amounted to €1.2 billion.

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