The Central Statistics Places of work (CSO) issued figures exhibiting costs rose by 5.4pc within the 12 months to January.
It is a quicker rise in costs than the earlier month which had seen values rise by 4.1pc within the yr to December.
Regardless of recovering to a 15-year excessive final yr, the availability of latest housing remains to be not rising quick sufficient to satisfy demand, which is appearing to push up costs, the CSO stated.
Within the yr to January costs in Dublin have been up by 4.5pc, and costs outdoors Dublin rose by 6.1pc.
Even fewer properties on the market outdoors of the capital and the persevering with recognition of working from house means costs outdoors of Dublin are rising quicker than within the metropolis and its environment.
CSO statistician Niall Corkery stated: “Residential property costs rose by 5.4pc within the 12 months to January 2024, up from 4.1pc within the yr to December 2023.
“In Dublin, residential property costs noticed a rise of 4.5pc, whereas property costs outdoors Dublin have been 6.1pc greater in January 2024 than a yr earlier.”
The area outdoors of Dublin that noticed the most important rise in home costs was the Mid-West, which incorporates Clare, Limerick, and Tipperary. Costs have been up by 9.5pc.
There was an increase of simply 2.4pc within the Border space of Cavan, Donegal, Leitrim, Monaghan, and Sligo.
In January some 3,621 dwelling purchases by households at market costs have been filed with the Income Commissioners.
It is a lower of 1.5pc when put next with the three,675 purchases in January 2023.
Households paid a median or mid-point worth of €330,000 for a residential property in January.
The bottom median worth paid for a property was €165,000 in Leitrim, whereas the best was €620,000 in Dún Laoghaire-Rathdown.
The most costly Eircode space over the 12 months to January 2024 was A94 Blackrock with a median worth of €720,000.
Castlerea had the least costly worth of €134,000.”
Ian Lawlor, managing director of Lotus Funding Group, which lends to builders, stated the continued pick-up in home worth progress is additional proof that the Irish housing market has regained momentum.
He stated the mismatch between housing provide and demand stays painfully evident.
“Latest statistics marking a 15-year peak within the building of latest properties, with 32,695 items accomplished in 2023, ostensibly paint an image of building progress and achievement.
“Such statistical milestones, whereas noteworthy, mustn’t function a smokescreen for the underlying challenges that persist within the housing sector.”
However the rise within the degree of home constructing comes within the context of a decline in housing building post-2008, and the next stagnation within the housing sector.
This decline turns into much more essential towards the backdrop of a inhabitants that grew by 8.1pc to five,149,139 from 2016 to 2022, Mr Lawlor stated.
