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HOUSE PRICES CLIMBED last year at almost double the growth rate seen in 2023, leaving prices 16.8% higher than at the peak of the Celtic Tiger property boom in 2007.
According to new figures from the Central Statistics Office (CSO), residential property prices increased by 8.7% in the 12 months to December last year, up from 4.4% the previous year.
House prices in Dublin rose by 8.3% in December, with prices outside of the capital up by 9%.
The median, or mid-point, price of a house purchased in the year to December was €355,000, compared to €327,500 in December 2023.
In the year to December, house prices in Dublin rose by 8.7% while apartment prices increased by 6.9%. The highest house price growth in Dublin was in Fingal at 10%, with South Dublin seeing a rise of 6.9%.
Outside Dublin, house prices were up by 9.3% and apartment prices increased by 5.8%.
The region outside of Dublin that saw the largest growth in house prices was the Border (Cavan, Donegal, Leitrim, Monaghan, and Sligo) at 14.2%. At the other end of the scale, the Mid-East (Kildare, Louth, Meath, and Wicklow) saw a 5.9% growth in price.
The figures show that 5,177 property purchases by households at market prices were filed with Revenue last December, an increase of 2.3% when compared with the 5,063 purchases in December 2023.
The lowest median price for a house was €182,250 in Longford, while the highest median price was €660,000 in Dún Laoghaire-Rathdown.
The most expensive Eircode area over the 12 months to December was A94 ‘Blackrock’ with a median price of €730,000, while H23 ‘Clones’ had the least expensive price of €131,000.
Looking at the full year, the median price paid by households for a house was €355,000, compared with €259,000 in 2019, and €155,000 in 2013.
A total of 48,775 dwelling purchases by households at market prices were filed with Revenue in 2024. This represents a 2.9% decrease compared with 50,234 purchases in 2023.
The annual national index for 2024 reached a value of 183.4, which is 12.7% higher than it was for 2007 when it reached a peak of 162.7.
Overall, prices of new dwellings have risen by 130.2% from their trough in the middle of 2013. Prices of existing dwellings are now 161.6% higher than at their trough in 2012.
Commenting on today’s figures, senior mortgage advisor with NFP Ireland Gerry Griffin said affordability is an increasing challenge, particularly for first-time buyers.
“While the pace of price increases has slowed slightly, demand remains strong, and supply is still struggling to keep up,”Griffin said.
He said that if the European Central Bank proceeds with an expected interest rate cut in March, mortgage rates could fall, boosting borrowing power.
“While this would benefit buyers, it could also drive further price inflation by increasing competition for available homes,” he said.
The real issue remains supply – without a significant increase in new housing, lower borrowing costs will likely push prices higher in the short term.
“For buyers, the key will be to assess affordability carefully. Even with lower interest rates, repayments will still be substantial given the high price levels.
“For policymakers, the focus must remain on delivering more housing at a faster pace to balance the market and prevent additional pressure on prices.”
Rachel McGovern, deputy chief executive at Brokers Ireland, said prices rose last year “at levels beyond what most industry commentators expected.
“These levels are not sustainable except for those on high salaries and those wealthy enough to not be dependent upon mortgage finance,” she said.
“There are appalling consequences for our society if policymakers don’t turn around housing in the near future and ensure that those on average incomes can achieve the ambition of owning a home.
It’s worrying to see that political football and scare mongering tactics are still being played with the issue which is continuing to bring heat rather than light to any debate on housing.
“We would call on the Government to be brave and decisive and not let another year pass before it acts on the recommendations of the Housing Commission in particular,” she said.
Earlier this week, Cabinet approved €450 million in funding that is set to provide 3,000 cost rental, affordable and social homes over three years.
However, Sinn Féin’s Eoin Ó Broin said the government is allocating less capital funding for social and affordable housing in 2025 that it spent in 2024.
Parental alienation, fathers rights and some form tax relief for unmarried fathers paying maintenance should also be enforced, still I don’t know how some parents can sleep at night not paying their share.
@Dean Burroughs: why should anyone get tax relief on paying maintenance?
@Louise Tracey: what’s your objection to tax relief on maintenance payments… That’s a strange one..
@Dean Burroughs: don’t think it’s strange at all. Parents who do support their kids and are still in the relationship (married or not) don’t get tax relief on their financial input. Why should ones who pay maintenance???
It’s that mother’s who don’t work get a tax credit for the child but don’t use it as they get paid off the social while the dad that pays maintenance doesn’t get to use the credit. If Ur a married couple u can claim your husband or wifes tax credits if they aren’t working so y can’t dad use the credit as Well
@Laura Crawford: He can use the credit. The credit can be signed over to him. The stipulations for this are on the revenue website.
@Alan Leahy: I know a girl whose holding her ex to ransom over the credit refusing to sign it over unless he pays more maintenance. She’s minding kids from her house cash in hand. She shouldn’t have a choice if she’s not working the credit should automatically transfer to the other parent
@Dean Burroughs: dean, can I get tax relief on the money I pay out for my kids or must I be separate first?
I think I read some time back how this works… The maintenance payment is split by the court into an allocation for the child and some for the parent (mother in the following example). So, if 75% of a monthly payment of 400 is allocated to the child then the father pays income tax on that 300, but not the remaining 25% which goes to the mother. That 100 is treated as income for the mother and is subject to normal income tax rules for her.
@Ana Nonymous: the maximum a court will give as maintenance is €400 per month. Ever try raring a child on €400 per month? That’s if you even get it. No one is interested in helping you if the father doesn’t pay. You live in a country where women are forced to give birth and then criticize them for trying to earn as much money to raise their kids!
A parent who literally abandons their child (children) should be held totally responsible by the state.
@TheBluffmaster2: in Germany unless the fathers name and pops number is stated on the birth cert a mother can not get children’s allowance from the state.
This allows the state to recoup the cost of raising the child from the father.
A simple thing to do can’t understand why we don’t do it here.
@Theunpopularpopulist: It’s a legal requirement to have the fathers name on the birth certificate here so we do it already.
@Catherine Sims: you can refuse here and you’re not penalised for doing so. Tie it to social welfare then they’ll list the name.
But what’s the penalty for parents that don’t pay? Where both parents are living, both should pay. No excuses.
@john Appleseed: but no one will implement it. I know someone who had a judgement for child support against a guy and he refused. She went back to court and he didn’t appear. A warrant was issued and even though she reported to the Guards when he was in his mothers to go and arrest him they said they were too busy. Eventually she went down to the station and insisted and they arrested him. He was sentenced to a month in Mountjoy and released after three hours due to overcrowding. He still hasn’t paid a penny.
@john Appleseed: +1
And what about parents who don’t pay for children under the age of 7 who chose not to work etc….
Is there anything for those in that category. Or is it just a case of there no real ramifications for not supporting your child?
Is there a penalty to stop one parent to not allow the other parent see their children too?
@gjpb: Yes, go to court and get an order for visitation. If the parent with custody breaks this order then bring them back to court. The penalty is a fine and/or prison.
@gjpb: of course there is.
@gjpb: it’s not fit for purpose. Anyone denying a child it’s father should have custody removed in my opinion
@Alan Leahy: It’s never enforced, the mother of my child broke court agreed access 100% and admitted it to the judge and laughed…..the judge did nothing.
There;s a growing industry in Ireland in keeping kids alienated from their parents.
I’m paying maintenance and I don’t see my children anybody who don’t see there children should not pay maintenance FF would want to look at the judge’s and the family court it’s a joke sending a father to jail because they don’t have the money to pay it father’s have no rights FF would want to look at the rights of father’s first before looking for money every mother and FATHER have a right to see there kids
@Fran O’Keeffe: how come you don’t see your kids? Why don’t you go back to court? It’s a child’s right to know BOTH their parents.
@Deborah ….the courts refuse to penalize mothers who break court ordered access, its a joke!
I’m paying maintenance and I don’t see my children FF would want to look at the judges and father’s rights first family court is a joke
@Fran O’Keeffe: Why don’t you see your children.
@Alan Leahy: It’s called parental alienation and it’s growing. There are no laws in this country that recognise it unlike the UK.
@Fran O’Keeffe: It isn’t the childs fault that parents split up, however it is right for the father to want to give that child a decent upbringing rather than just walk away.
@Alan Leahy: because my xwife told lies instead of bringing the children into court and asking them what they would like
@Fran O’Keeffe: Family court was always a joke, my granny and father looked after me and my sibling as they always did without any contact from my mother but she always had the child allowance book and kept that money for herself. Then when we were teens my mother then wanted visiting rights and she got them with a payment of 25 pounds a week to cover expenses from my father. She was the one earning more than my father and it was my father who looked after us without a single look or penny from her. All she wanted visiting rights for was to show us off to her friends to back up her lies as she was a bitter woman. The judges are eejits and they haven’t a clue about sly parents or how dysfunctional families behave…
@Fran O’Keeffe: sounds like a pile of poo to me, no judge is gonna deny a father seeing their kids (or vice verse) without genuine reason…. You need to keep talking here and explain… And yes you should explain as you brought it up.
@Alan Madden: Yes they will, they might make orders granting access and use scary words to try to get mothers to give access but they never enforce the rulings no jail or fines on mothers, its common knowledge fathers have no rights in Ireland.
Pay up or get out of the bed.
A Wedding to follow once a child turns 7 years, may be the norm…
Always laws to chase maintenance, but of course in Ireland they’d never dream of tackling Parental Alienation Syndrome ….they never enforce access arrangements.
Abusing children is worth too much money to them
And again it will be a mess when they get round to sorting it out as everything becomes a mess when these people try to fix anything?
God I wish Willy would shave off that moustache.
He reminds of someone. You know you’re man from Germany! I think he’s dead now though.
@gerry fallon: I thought it was a hairy Mary lol.
have your say