Prices jumped again in May, the 21st month in a row of rising home values.
In the last five years, buyers have had to pay an additional €74,000 to secure a home.
The national property price index increased by 7.9pc in the 12 months to May. This is up from 7.6pc in the year to April, according to the Central Statistics Office (CSO).
Property prices in Dublin rose by 6.9pc, and prices outside Dublin were up by 8.7pc, compared with May last year.
The median, or typical, price of a dwelling bought in May was €370,000, up €5,000 on the median price in April.
A typical property is now €74,000 more expensive than in May 2020, when the median price was €296,000, according to a deep dive into CSO data.
The highest median price for a dwelling in May this year was €670,000 in Dún Laoghaire-Rathdown, while the lowest was €186,000 in Leitrim.
The most expensive Eircode area over the 12 months to May was A94 (Blackrock, Dublin) with a median price of €770,000. Castlerea, Co Roscommon, had the least expensive price of €150,000.
In May this year, 3,824 home purchases by households were filed with the Revenue Commissioners at a total value of €1.6bn. These were made up of 2,913 existing dwellings and 911 new dwellings.
Revenue data shows there were 1,388 first-time-buyer purchases in May.
The area outside of Dublin with the largest growth in house prices was the border region, which consists of Cavan, Donegal, Leitrim, Monaghan, and Sligo, at 11.1pc.
Prices rose an average of 10pc in the mid-west, which consists of Clare, Limerick, and Tipperary.
At the other end of the scale, the south-east – comprising Carlow, Kilkenny, Waterford and Wexford – had a 7.7pc rise in house prices.
The Dublin property market seems notably stronger than elsewhere of late
Independent economist Austin Hughes said the latest price surge suggested the need for somewhere to live remained a more important factor than nervousness about tariffs and trade wars.
He said it was notable that the monthly increase in Dublin prices of 0.7pc exceeded that of the rest of the country. It was the first time since September that price rises in the capital were ahead of those outside of it.
Property sales in the capital were 14pc higher in the first five months of this year compared to the same period last year, but sales in the rest of the country are slightly lower.
“So, the Dublin property market seems notably stronger than elsewhere of late, possibly reflecting the impact of lower interest rates as well as relatively strong income growth,” he said.
Mr Hughes said that, so far, there was little sign of any notable fallout from multinational tariff fears on the home sales market in the capital.
This week, the Economic and Social Research Institute (ESRI) told an Oireachtas committee there would be no major uptick in housing supply this year or in 2026. It said the Government was to miss its targets in both years.
ESRI economists said a tight construction labour force and low productivity levels meant the outlook for housing remained bleak.
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