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Residential property prices in Ireland continue to accelerate, both on a month-on-month and yearly basis.

Figures released by the country’s Central Statistics Office (CSO) on Wednesday showed that the national Residential Property Price Index (RPPI) jumped by 2.3% in the 12 months to October 2023, up from 1.4% in September and 1.1% in August.

Similarly, the RPPI rose by 1.1% in October on a monthly basis, compared to 0.9% in September and 0.5% in August.

The trend looks different depending on where you live in Ireland, however: prices in Dublin decreased by 0.6% in the 12 months to October this year, whereas prices outside the capital were up by 4.5%, according to the CSO.

Nevertheless, Dublin’s shrinking prices are decelerating, as they previously came in at -1.7% in September and -1.8% in August.

The changes mean that, across the country, the median price of a home stood at €323,000 in October. 

The cheapest place to purchase a home in Ireland, as of October, was in Longford, with the median price there coming in at €160,000, while Dún Laoghaire-Rathdown in the province of Leinster, had on average the most expensive dwellings with a median price of €630,000, according to the figures.

Despite being the priciest area to buy a home, Dún Laoghaire-Rathdown saw a decline of 1.5% in house price growth. On the flipside, the price growth in Dublin was in Fingal at 0.8%.

When looking at property type, house prices in Dublin fell by 0.7%, while apartment prices were down by 0.4%.

The figures show that residential property prices in Ireland appear to be accelerating again, following a period of sustained deceleration throughout most of 2022 and 2023. The situation appears to be mirrored across the Irish sea, as house prices continue to rise in the UK, despite an apparent drop in the EU and eurozone.