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House prices rose by over 15% nationwide in the last year

The highest increases in house and apartment prices were seen outside Dublin.

LAST UPDATE | 14 Apr 2022

HOUSE PRICES HAVE risen by 15.3% in the 12 months up to February 2022, according to new figures from the Central Statistics Office (CSO).

The highest price increases were outside Dublin, with house prices increasing by 16.8% while house prices rose by 13.5% in Dublin.

There were also increases in apartment prices, with Dublin apartments increasing by 12.8% while apartments outside the capital increased by 17.8%.

The median price of a house that was bought in the 12 months up to February was €282,000, which has risen from €280,000 in January.

The highest median price for a house in the 12 months up to February was €600,000 in Dun-Laoghaire Rathdown, while the lowest median price was €132,750 in Longford.

According to the CSO, there were 3,584 homes purchased at market prices and filed with Revenue in February, an 11.8% increase compared to February 2021.

A majority of these purchases were existing dwellings at 3,036 (84.7%), with just 548 (15.3%) new houses/apartments being purchased in February 2022.

Sinn Féin’s Housing Spokesperson Eoin Ó Broin says that due to increasing unaffordability and the pressure that the growing number of Ukrainian refugees entering Ireland, the Government needs to revise both social and affordable housing targets.

“In light of a shrinking rental sector and a rising housing need, including the housing needs of Ukrainian refugees, the government must now accept that its housing plan has been overtaken by ever growing housing need,” said Ó Broin.

“Government must revise upwards its social and affordable housing targets. It also needs to adjust its delivery mechanisms, including a review of the public spending code and the tendering and procurement process for public housing.”

He called for “more modern” methods of building to be adopted, saying that it would make building quicker, cheaper and better for the environment.

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35 Comments
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    Mute Jenny McCabe
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    Apr 14th 2022, 12:48 PM

    So basically to be able to afford an average home in an average location a couple/family need to earn 80571 minimum per annum. Before any children are taken into account and a 28k deposit to boot. With all the other inflation recently how are people expected to ever get in the property market. FFFG have so much to answer for!

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    Mute Zippy
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    Apr 14th 2022, 3:12 PM

    @Jenny McCabe: 2 average salaries

    57
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    Mute Sean McCarthy
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    Apr 14th 2022, 4:05 PM

    @Zippy: I think that is the real thing that is not being considered here. A couple may have to buy a house together with 2 salaries. When the couple decides to have a family and after they have the family extremely difficult decisions are made. Enormous amounts of incalculable hardship are put on working families as a result. You can’t calculate that on any spreadsheet.

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    Mute Paul Hedderman
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    Apr 14th 2022, 4:13 PM

    @Sean McCarthy: Kids and extra expenses should be easily affordable when the max mortgage you can get, bar getting an exemption, is 3.5 times the salaries……. a person/couple on 80k is easily able to afford a house at 282k, even people on less salary could. Many people are locked out of the housing market because of this rule.

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    Mute Frank Cauldhame
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    Apr 14th 2022, 5:00 PM

    @Paul Hedderman: Most people don’t earn anything near the ‘average’ weekly wage, these figures which are often quoted by government ministers come from the CSO but a more forensic analysis would indicate that the average ‘median’ wage to be a more accurate reflection. In 2020 the average median wage for a couple living together was circa €49k. Now multiply that by 3.5.

    https://www.irishtimes.com/news/politics/election-2020-fact-check-is-the-average-income-really-47-000-1.4155272

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    Mute Paul Hedderman
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    Apr 14th 2022, 5:52 PM

    @Frank Cauldhame: that has nothing to do with my point about mortgage affordably after drawdown and the 3.5 times rule.

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    Mute Frank Cauldhame
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    Apr 14th 2022, 6:18 PM

    @Paul Hedderman: I’m not arguing your comment Paul, merely pointing out the reality of the situation with regard to the majority of people with goals of owning their own home. Its nigh on impossible. The housing Minister must think we are eejits by using phrases like ‘Affordable Housing’ to describe these schemes.

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    Mute Rob Gale
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    Apr 14th 2022, 1:17 PM

    “Housing for all plan IS working!” – an angry Darragh O’Brien.
    At what point can he admit that ‘housing for all’ is working, but not for the public. It’s working for investors and developers. As it was designed to, no matter what he huffs n puffs about on prime time.

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    Mute Esper Anto
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    Apr 14th 2022, 1:54 PM

    @Rob Gale: or the Housing F’ all plan as it might be better described

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    Mute David Corrigan
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    Apr 14th 2022, 3:19 PM

    @Rob Gale: But, but, but they built 8 affordable homes in 2021 Rob!!! That’s serious progress in O’Brien’s thick head.

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    Mute transik
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    Apr 14th 2022, 3:40 PM

    @David Corrigan: i been on that affordable house list for 3 years. Finally last december they ask for deposit and send me drawings and ask to pick the house. Great.
    Last month got the email suddenly saying they cant build becouse of matetial costs they returned my deposit and wish me good luck.

    3 f years.

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    Mute David Corrigan
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    Apr 14th 2022, 4:05 PM

    @transik: That’s desperate altogether. A back to square one scenario after 3 years.

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    Mute Burt Macklin
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    Apr 14th 2022, 8:01 PM

    @transik: That is awful! Sorry to hear that.

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    Mute Dean
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    Apr 14th 2022, 12:46 PM

    Which will be rented on to the Irish at rack-renting prices. As renting is becoming the default housing mode under privatization plans.

    Average rent nationwide is 1,500+ per month. While the avergae wage (after tax) is 2,600+ per month. (Or 40k anually).

    So rent is about 57% of a person’s wages, on average.

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    Mute transik
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    Apr 14th 2022, 3:44 PM

    @Dean: in dublin 1500€ will get you a studio.

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    Mute PositiveMe
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    Apr 14th 2022, 12:42 PM

    Was nothing learned from the last bubble

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    Mute Merlin Lancelot
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    Apr 14th 2022, 12:51 PM

    @PositiveMe: this time it’s not a bubble. It’s real increase in demand outpacing any real capability of supplying new houses.

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    Mute Joe_X
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    Apr 14th 2022, 1:04 PM

    @PositiveMe: nope

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    Mute Joe_X
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    Apr 14th 2022, 1:15 PM

    @Merlin Lancelot: actually, it isn’t. Inflation last year was 5.5%, (that is, if I understood the report I read correctly, so I do stand to be corrected if I’m wrong) House prices increased by nearly 3 times that

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    Mute Lee King Buckett
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    Apr 14th 2022, 1:26 PM

    @Joe_X: It doesn’t work like that. Inflation being 5.5% doesn’t mean that everything has gone up by that amount – fuel went up by much more, clothing fell etc etc.

    Leaving that aside, house prices aren’t included in CPI figures so there is no relation between the two.

    Here we have more people looking for houses than there are house to sell to them so they outbid each other pushing up the prices. It’s a supply squeeze, not a bubble.

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    Mute southside
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    Apr 14th 2022, 1:28 PM

    @PositiveMe: I think they learned to restrict supply so that the prices wouldn’t fall like they did the last time.

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    Mute Joe_X
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    Apr 14th 2022, 1:35 PM

    @Lee King Buckett: I undersrmtand that it is an average of every thing, but 15% in housing, and claiming it is in line with inflation is a bit much.

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    Mute Lee King Buckett
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    Apr 14th 2022, 1:41 PM

    @Joe_X: who claimed it was in line with inflation?

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    Mute PositiveMe
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    Apr 14th 2022, 1:56 PM

    @Merlin Lancelot: it’s a debt bubble if people are getting mortgages they cannot afford off the back of jobs that may be precarious in today’s world. The real effects of covid and now the war have to be realised yet.

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    Mute Lee King Buckett
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    Apr 14th 2022, 2:00 PM

    @PositiveMe: Less than 3.5 times annual income, minimum of 10% equity upfront and household debt burden continues to fall.

    Doesn’t sound like a debt bubble to me. Of course inflation, interest rates and economic contraction are risks but the present situation is miles away from 2008

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    Mute Joe_X
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    Apr 14th 2022, 2:11 PM

    @Lee King Buckett: Merlin, further up, if I understood his comment correctly

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    Mute Lee King Buckett
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    Apr 14th 2022, 2:26 PM

    @Joe_X: I don’t think so and, believe me, I don’t usually agree with anything that guy has to say.

    He said its supply and demand – too many people looking to buy in an economy that doesn’t have the capacity to meet demand.

    I don’t think his point had anything to do with inflation.

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    Mute Jonathan Conway
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    Apr 14th 2022, 2:56 PM

    @Lee King Buckett: Philip lane reckons inflation is temporary at today’s ECB meeting, says no imediate need to up Interest rates.
    Seriously these lads are letting inflation become entrenched and it will only make it even harder to get under control.

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    Mute Lee King Buckett
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    Apr 14th 2022, 3:26 PM

    @Jonathan Conway: This is the ongoing debate. On one hand, a high degree of cost increase is a result of increasing energy prices, if they return to normal levels then a good deal of inflation will subside.

    However, if wages increase and some of the CPI increases become baked into the system then we have a different scenario completely.

    US core inflation softened this week which many took as a sign that inflation there has peaked. However, Europe is more directly affected by the Ukraine war with many of those increases feeding into core measures. ECB made no move to increase rates today in their minutes so it seems they are not going to take major action any time soon.

    Remains to be seen who is right…

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    Mute Jonathan Conway
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    Apr 14th 2022, 3:44 PM

    @Lee King Buckett: Seemingly this new Comander for Russia or the butcher as he is known as, his trademark is besieging cities and areas for years like he did in Aleppo in Syria for years. If this is Russia’s new plan B to besiege eastern Ukraine like they did in Syria, then energy shortages and food shortages are inevitable.
    I would suspect inflation to level off for the summer months but it will start to increase come September October again as the real food price inflation of this years crop will get passed on as well as the incoming winter and fuel demand increasing.
    The supply chain issues are only getting worse too which may also be a perfect storm in the making

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    Mute fintan doyle
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    Apr 14th 2022, 5:16 PM

    @Merlin Lancelot: I’m pretty sure that’s what all vested interests said last time

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    Mute Geoff Bateman
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    Apr 14th 2022, 12:49 PM

    Grand if your selling up and moving to another country where you could buy a decent property and still have money left over…. no good if your selling and looking to buy another place in or near your existing location, cos your gonna have to pay a lot more for it.

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    Mute mark daly
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    Apr 14th 2022, 3:09 PM

    Waiting on the bubble to burst. There’s a limit on what people can afford.

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    Mute Bitcoin Buddy
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    Apr 14th 2022, 12:40 PM

    Thank God the property market has finally slowed down to match real inflation

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    Mute WacoKid
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    Apr 14th 2022, 6:58 PM

    Not all properties crashed in 2008, it was more apartments made of cardboard and the large mansions. Family homes in communities with good infrastructure tend to be more insulated from any price corrections. Not a debt bubble this time. Multi nationals paying good salaries and houses are now typically priced on 2 income households.

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