Rents in Ireland – especially Dublin – may be soaring faster than the cost of living but home values are still nearly a fifth lower than their Celtic Tiger peak in 2007, according to a report by the country’s Central Statistics Office.
The report coincides with the official Irish government response to a damning UN report last March that Ireland is prioritising private equity landlords and vulture funds.
The official Irish reply says the government attaches the highest priority to housing and homelessness – but makes no mention of recently published record homelessness figures.
Ireland’s Central Statistics Office (CSO) Residential Property Index said last week the average cost of a residential property in Ireland is 3.1 per cent higher than a year before.
Overall, the national index is 18.5 per cent lower than its highest level in 2007.
Dublin residential property prices are 22.5 per cent lower than their February 2007 peak, while residential property prices in the rest of Ireland are 21.8 per cent lower than their May 2007 peak.
The most expensive place to buy a home in Ireland, it says, is Dublin 4, where the average price is €760,747.
That is followed by D06 in Dublin 6, where the mean price was €742,690. The third most expensive is A94 in Blackrock, which has an average price of €720,639.
The least expensive Eircode area in the capital is in Dublin 10, Ballyfermot, where the average price is €233,704.
The biggest rises in prices and value were along the border where the index was up 11.4 per cent compared to the same time last year.
Outside Dublin, the most expensive Eircode area is A63 in Greystones, Co Wicklow, where the average price of a home is €442,180.
The second most expensive Eircode area outside Dublin is P17 in Kinsale, Co Cork, at €419,268.
The third most expensive is A86 in Dunboyne, Co Meath, with an average price of €406,992.
The least expensive Eircode area is H23 in Clones, Co Monaghan, with an average price of €82,405 followed by F45 in Castlerea, Co Roscommon, where the average price is €84,846.
The third least expensive area is F35 in Ballyhaunis, Co Mayo, where the average price is €98,904.