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€500,000 average price for Dublin home as 14% property price inflation hits country 

The price of an average Dublin house surged past half a million euro last year as property prices shot up by more than 14% across the state. 

Figures released by the Central Statistics Office (CSO) showed that residential property prices nationally  rose 14.4% in the year to December – with prices in Dublin rising by 13.1% and prices outside Dublin up by 15.4%.

In Dublin, house prices increased by 13.5% and apartment prices by 11.3%. The highest house price growth in Dublin was in Dublin City at 15%, while Fingal saw a rise of 11.4%.

Nationally, the median price of a dwelling purchased in the 12 months to December 2021 was €280,000. In Dublin, that rose to €506,667.

The lowest median price paid for a dwelling was €130,000 in Longford, while the highest was €595,000 in Dún Laoghaire-Rathdown.”

The rise in inflation is significant  – and the CSO notes that property price inflation was running at just 2.2 per cent in 2020.

Existing dwellings accounted for 4,010 (77.6%) of the dwelling purchases filed with the Revenue Commissioners in December 2021, the balance of 1,160 (22.4%) were new dwellings, the CSO said.

It is believed that the dearth of available homes, exacerbated by the shortage in supply of building materials caused by the Covid lockdown, and increased savings also from the lockdown are key factors in driving up the price of homes.

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