Thursday, December 15, 2022

A Mayo area is the cheapest in Ireland when it comes to purchasing a property.

The Ballyhaunis Eircode is the least expensive in the nation, according to the latest Residential Property Price Index, published by the Central Statistics Office (CSO).

With a median price of €124.500. At the other end of the scale the most expensive Eircode was Blackrock with a median price of €723,500.

While Ballyhaunis may offer the most appealing of property prices, the region outside of Dublin that saw the largest rise in house prices during the month of October was the West (Galway, Mayo, Roscommon) at 16.3%.

In the 12 months to October 2022, the median house price in Mayo was €180,000. Elsewhere in the West, Co Galway prices came in at €260,000. Median prices in Roscommon stood at €155,000 and in Sligo the median price was €188,000.

The latest Index revealed a rise of almost 10% in residential property prices over the last 12 months.

Property prices grew 0.4 per cent in October from the previous month, a six-month low, the CSO data showed.

Housr prices increased by 9.8% in the past year, with prices increasing by 8.3% in Dublin and 11% outside the capital

In the year to October 2022, 49,635 dwelling purchases by households at market prices were filed with Revenue, 33% of which (16,409) were bought by first time buyer owner-occupiers.

Former owner-occupiers purchased 54% (26,574) of properties, with 13% acquired by non-occupiers.

Households paid a median or mid-point price of €300,000 for a residential property in the 12 months to October 2022. The lowest median price paid for a dwelling was €148,000 in Longford, while the highest was €620,000 in Dún Laoghaire-Rathdown.

Last week the Banking & Payments Federation Ireland (BPFI) said pressure on house prices will continue until there is ‘a substantial increase in supply’

The BPFI, which is the main industry group for the banking sector, also pointed to the slowdown in new home building, as developers grapple with rising input costs, as reason to expect demand to continue to outstrip supply. Construction started on 6,770 new homes in the three months to the end of September, down 22% compared with a year ago, the group said.


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