Property prices rose nearly 8% in 2021, and there was a split between urban and rural areas according to new data from real estate website Daft.ie.
The national average house price was €290,998 and prices in the last three months of this year were 7.7% higher than the same period in 2020, according to the home price report on the website.
The median home price in Dublin in 2021 increased 3.4% from last year to €405,259.
The report shows that the smallest increases were in the cities. In Galway, the median home price was €322.543, up 1.6%.
In Cork City, prices increased by 5.5% with an average of €313,436 while in Limerick and Waterford the increases were 6.4% and 7.5%, respectively, to €234.908 and €211,023.
Outside the cities, prices have risen by an average of 12.5% this year, with the largest increase (14.6%) in the Connacht-Ulster region.
Prices in Münster are up 9.2%, while prices in Leinster outside Dublin are up 11.9%.
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The report highlights the number of newly built homes sold this year – 5,526.
There was also a rural-urban divide, with transactions on new homes in Dublin down 18%, while in commuter counties up 36%.
The usual price for a newly built house was 345,000 euros.
Property supply was higher than in 2020 but still well below pre-pandemic levels.
According to a Daft.ie report, there were just over 54,000 listings for sale listings this year, compared to nearly 70,000 homes for sale in 2019.
The report’s author, Trinity College Dublin economist, Ronan Lyons, said home listed price inflation was « stubbornly high » and that in the face of strong demand, the key to solving problems in the housing market was additional supply.
Speaking to Morning Ireland, Mr Lyons said prices in city centers are rising slightly, but prices in rural areas of the country have gone up by 10%-20% in some parts of the country.
He said Covid-19 has redistributed demand, boosting demand in places like Leitrim, Mayo and Galway County.
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