The average price of a house in Dublin stands at a whopping €509,575, new figures have revealed.
The price of a resale residential property in Dublin rose by 8.8% in the year to the end of March which was slightly lower compared to the year in December 2021 which saw a 9.9% increase.
But the first three months of 2022 saw a 2% rise in the cost of homes in the capital due to strong demand and a low level of available stock.
Read more: Homeless Dublin woman 'at breaking point' as she's rejected from 33 house viewings
The average price of properties in north Dublin saw the strongest rate of increase at 11.1%. Prices in south Dublin and west Dublin increased by 7.8% and 7.9% respectively in the year to the end of March, according to the results of DNG House Price Gauge (HPG).
Additionally, apartment prices have gone up 6.7% on an annual basis compared to the previous year.
DNG director of research Paul Murgatroyd said: "In terms of the capital's residential property market, 2022 has carried on where 2021 left off, with the annual rate of house price inflation in the capital at an elevated but stable level of around 9%."
He added: "The picture of tight supply levels and robust demand continued to push prices higher in the capital in the first three months of the year and this is set to continue into quarter two.
A total of 90% of property sales were agreed at or above the asking price and on average, achieved prices were 6.7% above the asking price in the quarter.
First time buyers remained very active in the resale market, accounting for 50% of purchases in the first quarter of the year, while 23% were trading up.
Conversely, only 4% of buyers were trading down in the market.
Two thirds (67%) completed their purchases using mortgage finance while almost a quarter (23%) relied on cash or other non-mortgage finance to complete their purchase.
Read more: Daughter of man found dead in tent recalls final meeting with dad-of-seven
Read more: Mr C among DJs taking part in club night to raise money for Dublin homelessness
Sign up to the Dublin Live Newsletter to get all the latest Dublin news straight to your inbox."
Story Saved
You can find this story in My Bookmarks.Or by navigating to the user icon in the top right.
