House prices nationally have risen by 1.8% in the first three months of the year, according to Daft.ie. 

The website’s House Price Report revealed that prices in the capital were 3.2% higher in the first quarter of the year than in 2023. 

According to the latest Daft.ie House Price Report there was a 10% increase in prices in Waterford and Limerick cities; in Cork city, the increase was 7.3% and in Galway city it was 9.4%. 

The number of homes available to buy nationwide at the beginning of the month was below 10,500 - down 24% year-on-year.

Terraced houses in Kinsale, County Cork, Ireland.

Trinity College economist and author of the report Ronan Lyons said the biggest increases were witnessed in rural areas.

“In the year to March, [there has been] an increase in prices nationally of almost 6% on average - 5.8%,” he said. 

“That does hide some regional variations; Dublin and the surrounding counties have seen typically smaller increases. 

“In Dublin, the increase is 3.2% over the course of the year but just more generally the rural markets have seen bigger increases.” 

Seafront houses in Kerry.

As to the future, Mr Lyons predicted prices will continue to rise in the months and years ahead. 

“The current increases in prices are being driven not by a shortage, necessarily of newbuilds,” he said. 

“Although there are parts of the country that absolutely could do with more new built accommodation. 

“But actually instead [there’s] a shortage of second hand accommodation; so, I think for the moment we’re talking about shortages pushing up prices, not dramatically but steadily.” 

Last year in Ireland, 32,695 new homes were built - up 10% on the total in 2022.

Main image: New homes under construction at Kilcarbery Grange in Dublin. Picture by: Alamy.com