House prices rise at fastest pace in two years as Covid heats up market

House prices grew by 3.7 per cent year on year in March – the fastest rate of growth recorded in two years – while property-related transactions jumped by 23 per cent.

The latest official figures show the market is continuing to experience a mini-boom brought on by Covid-19.

Prices in Dublin, where supply pressures are most acute, rose by 2.5 per cent on an annual basis while prices outside Dublin rose by 4.9 per cent.

The latest Residential Property Price index from the Central Statistics Office found the number of property transactions in March rose month on month by 23 per cent to 3,951.

The total value of transactions filed with Revenue in March was €1.2 billion.

Existing dwellings accounted for 86 per cent of the homes purchased in March, while the balance of 13.7 per cent were new dwellings. The number of new homes purchased fell by 17.5 per cent compared to March 2020, reflecting the halt in construction triggered by the restrictions.

The figures show households paid a median or middle-range price of €262,500 for a house over the 12-month period to the end of March. The Dublin region had the highest median price at €390,000.

Within Dublin, Dún Laoghaire-Rathdown had the highest median price (€540,000), while south Dublin had the lowest (€358,000). The highest median prices outside Dublin were in Wicklow (€358,000) and Kildare (€325,000), while the lowest price was €113,750 in Longford.


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