Residential Real Estate News
Ireland Home Prices Spike 9 Percent in 2024
Biggest home price gains in 7 years
Ireland's home prices saw a national increase of 9% on average during 2024, according to Daft.ie's latest House Price Report. By the fourth quarter, the typical listed price nationwide had reached €332,109--1.4% higher than the previous quarter and 30% above pre-pandemic levels.
In Dublin, prices rose for the fourth consecutive quarter, matching the national average of 9% for the year. This marked the highest rate of inflation in the city since late 2017. Galway city experienced a similar 9% increase, while prices in Limerick city rose by 8.2%. Cork and Waterford cities saw more moderate growth, with average prices rising by 6.3%. Outside the main cities, inflation varied, ranging from 11.1% in Leinster to 5.3% in Connacht-Ulster.
The supply of second-hand homes for sale nationwide hit a record low, with fewer than 10,500 properties available as of December 1st--a 15% decrease compared to the previous year and the lowest figure since records began in January 2007.
Ronan Lyons, economist at Trinity College Dublin commented, "2024 saw the largest increase in listed prices since 2017. And, unlike earlier in the 2020s, Dublin is now driving price growth, with its rate of inflation ahead of the other cities. This is, once again, a story of weak supply and strong demand. With incomes and employment growing, demand for owner-occupied housing is likely growing at close to 5% per year.
But while the number of newly-built homes being transacted is increasing, it is growing much more slowly than demand. Further, the increase in new builds has, in recent quarters, been more than offset by a decline in the volume of second-hand homes coming on to the market. While 2022 saw 63,000 second-hand homes listed for sale, there were just 51,000 put on the market during 2024, similar to levels seen during pandemic lockdowns. The new government may look to intervene in the mortgage market, to improve mobility of those with fixed interest rates. But ultimately, the solution remains boosting the volume of homes being built."
Average list price and year-on-year change in Q4, 2024
- Dublin: €442,909, up 9%
- Cork city: €347,263, up 6.3%
- Limerick city: €284,138, up 8.2%
- Galway city: €389,742, up 9%
- Waterford city: €247,236, up 6.3%
- Rest of the country: €284,163, up 9.2%
