Residential property prices have risen by 10.1% in the 12 months to August, according to the Central Statistics Office.
It is the highest rate of annual increase since September 2022.
Prices are now 13.4% above the peak they reached in April 2007 before the market crashed during the financial crisis.
Today’s CSO figures show that last month the median price for a home nationally was €345,000.
The highest prices were in Dun Laoghaire Rathdown in Dublin where prices were €635,000, while they were €175,000 in Longford.
What is driving Ireland’s property prices so high?
Niall Corkery, of the CSO, said that residential property prices rose by 10.1% in the 12 months to August 2024, up from 9.6% in the year to July 2024.
“In Dublin, residential property prices saw an increase of 10.8%, while property prices outside Dublin were 9.6% higher in August 2024 when compared with a year earlier,” he stated.
Outside Dublin house prices were up by 9.5% and apartment prices increased by 10.1%.
The region outside of the capital which saw the largest rise was the border region of Cavan, Donegal, Leitrim, Monaghan and Sligo at 15%.
At the other end of the scale, prices were up 8% in the mid east area of Kildare, Louth, Meath and Wicklow.
Meanwhile, the most expensive Eircode area over the 12 months to August was D06 ‘Dublin 6’ with a median price of €725,000, while H23 ‘Clones’ had the least expensive price of €135,000.
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Today’s CSO figures also show that a total of 3,990 homes bought at market prices were filed with Revenue in August, a decrease of 14% when compared with the 4,640 purchases the same month last year.
The CSO said that property prices nationally have now increased by 152.9% from their trough in early 2013.
Dublin residential prices have risen by 152.1% from their February 2012 low, while property prices in the Rest of Ireland are 162.4% higher than at the trough in May 2013.