THE RATE OF increase of the average price paid for a home in Ireland has slowed to 2.4% from 3.4%, new figures indicate.

Meanwhile, the cost of a home outside Dublin increased by 4.5% in the 12 months to May, with the west region seeing the largest increase in prices at 5.7%.

The Residential Property Price Index (RPPI) measures the change in the average level of prices paid for residential properties sold in Ireland.

It excludes non-household purchases, non-market purchases and self-builds and allows for the fact that different types of property are sold in different months.

The RPPI for May, published by the Central Statistics Office (CSO) today, increased by 2.4% in the 12 months to May 2023, a fall from the 3.4% rise in the 12 months to April.

The median price of a dwelling purchased in the 12 months to May was €315,000.

Prices in Dublin decreased by 0.2% and prices outside Dublin were up by 4.5%.

The lowest median price for a house in the 12 months to May was €160,000 in Longford, while the highest median price was €630,000 in Dun Laoghaire-Rathdown.

Statistician in the Prices Division Viacheslav Voronovich said: “Residential property prices rose by 2.4% in the 12 months to May 2023, down from 3.4% in the year to April 2023.

“In Dublin, residential property prices saw a decrease of 0.2%, while property prices outside Dublin were 4.5% higher than a year earlier.

“In the 12 months to May 2023, house prices in Dublin decreased by 0.4% and apartment prices were up by 0.4%. The highest house price growth in Dublin was in South Dublin at 4%, while Dublin City saw a decline of 2.8%.

“Outside Dublin, house prices were up by 4.7% and apartment prices rose by 1.7%.

“The region outside of Dublin that saw the largest rise in house prices was the West (Galway, Mayo, Roscommon) at 5.7%, while at the other end of the scale, the South-East region (Carlow, Kilkenny, Waterford, Wexford) and South-West (Cork, Kerry) saw a 3.5% rise.

“Households paid a median or mid-point price of 315,000 euro for a residential property in the 12 months to May 2023.

“The lowest median price paid for a dwelling was €160,000 in Longford, while the highest was €630,000 in Dun Laoghaire-Rathdown.

“The most expensive Eircode area over the 12 months to May 2023 was A94 ‘Blackrock’ with a median price of €741,503, while F35 ‘Ballyhaunis’ had the least expensive price of €127,500.”