Residential Real Estate News
Ireland Home Prices Ticked Up 6 Percent in 2022
According to Daft.ie, Ireland's home prices rose by 6.1% during 2022. The average listed price nationwide in the final quarter of 2022 was €309,941, down 0.4% on the average for the third quarter of the year and 16% below the Celtic Tiger peak. The 6.1% increase in 2022 compares with increases of 8.1% in 2021 and 7.7% in 2020 and a fall of 1.2% in 2019.
Compared to a year previously, prices in Dublin in the final quarter of 2022 were 5% higher, similar to the increase seen in Galway city (5.4%). The increase in the last 12 months was larger in Galway city (8%) and Waterford city (6.4%), while prices in Cork city were 3.3% higher than a year ago. Outside the cities, prices rose by 7.1% on average - with similar increases seen in Leinster, Munster and Connacht-Ulster.
The number of homes available to buy on December 1st stood at just over 15,200, up 33% on the same date last year but still significantly below the 2019 average of 24,200. The increase in availability on the market has been greatest in Leinster (up 51%) and smallest in Munster (up 19%).
Commenting on the report, its author Ronan Lyons, economist at Trinity College Dublin said, "2022 started with a continuation of the significant upward pressure on prices seen during the second half of 2020 and in 2021. However, the year ends with prices falling, albeit modestly, in the final quarter. While supply has increased, availability is still tight, indicating that the change in market conditions is more likely driven by a change in the strength of demand. We can see this with expected inflation, which has hit its lowest level since the outbreak of covid-19, suggesting uncertainty on the part of demand. Overall, with supply recovering and demand softening, it is unlikely that 2023 will see price gains similar to the last three years."
Average list price and year-on-year change - major cities, Q4 2022
- Dublin City: €425,560 - up 5.0%
- Cork City: €324,840 - up 3.3%
- Galway City: €350,541 - up 8.0%
- Limerick City: €248,531 - up 5.4%
- Waterford City: €225,465 - up 6.4%
- Rest of the country: €260,737 - up 7.1%
