Daft.ie House Price Report Q1 2025

HOUSING PRICE INFLATION REACHES EIGHT-YEAR HIGH AS SUPPLY TIGHTENS FURTHER

As a valued client of Daft.ie we would like to give you early access to our latest Daft.ie House Price Report Q4 2024 which shows that:

• Housing prices nationally rose by an average of 3.7% during the first three months of 2025, according to the latest Daft.ie House Price Report released today by Ireland’s largest property website, Daft.ie.
• The typical listed price nationwide in the first quarter of the year was €346,048, 11.6% higher than a year previously and 35% higher than at the onset of the COVID-19 pandemic.
• The current rate of inflation in the market is the second-highest seen in the ten years since mortgage market rules were introduced, exceeded only by the spike in prices seen in early 2017 (11.7% year-on-year then, vs 11.6% year-on-year now).
• The surge in inflation is being driven by Dublin and the rest of Leinster. Inflation in the capital is now running at 12.2%, the highest rate in eight years, while in the rest of Leinster, the annual increase in prices is 13.4%, also the highest since early 2017. 
• Galway (13.2%) and Limerick cities (13.8%) are also seeing rates of inflation above the national average, while the rate seen in Waterford (11.2%) and Cork cities (9.2%) is slower.
• The number of second-hand homes available to buy nationwide on March 1st stood at less than 9,300. This is down 17% year-on-year and also marks the lowest total ever recorded in a series extending back to January 2007.

Housing prices nationally rose by an average of 3.7% during the first three months of 2025, according to the latest Daft.ie House Price Report released today by Ireland’s largest property website, Daft.ie. The typical listed price nationwide in the first quarter of the year was €346,048, 11.6% higher than a year previously and 35% higher than at the onset of the COVID-19 pandemic.

The current rate of inflation in the market is the second-highest seen in the ten years since mortgage market rules were introduced, exceeded only by the spike in prices seen in early 2017 (11.7% year-on-year then, vs 11.6% year-on-year now). 

The surge in inflation is being driven by Dublin and the rest of Leinster. Inflation in the capital is now running at 12.2%, the highest rate in eight years, while in the rest of Leinster, the annual increase in prices is 13.4%, also the highest since early 2017. Galway (13.2%) and Limerick cities (13.8%) are also seeing rates of inflation above the national average, while the rate seen in Waterford (11.2%) and Cork cities (9.2%) is slower. 

As before, the sharp increases in prices around the country are happening at a time of very tight supply. The number of second-hand homes available to buy nationwide on March 1st stood at less than 9,300. This is down 17% year-on-year and also marks the lowest total ever recorded in a series extending back to January 2007. The three months since the start of the year mark the only three months since 2007 where there have been fewer than 10,000 second-hand homes available to buy.

“This latest Daft.ie House Price Report shows that the surge in inflation is not yet over. 
The ultimate solution remains unchanged from that which was needed a decade ago: a lot more homes need to be built, so that the country’s housing is adequate for its households.
But the entire housing system seems reliant on government funding and subsidies, an unfortunate circumstance at the best of times but of greater concern given wider economic uncertainties. Meanwhile, changes in the wider regulatory set-up seems to have delivered confusion, rather than clarity, about how the country will build the homes it needs.”
Ronan Lyons — Economist at Trinity College Dublin.

Commenting on the report, its author Ronan Lyons, economist at Trinity College Dublin, said:

“Housing prices are now increasing at a faster rate than almost any other time since mortgage market rules were introduced a decade ago. The increases are clearly linked to the lack of second-hand supply. Even as transactions of newly-built homes increase, the second-hand market is at its tightest in a series going back almost two decades.

The latest surge in inflation is due, at least in part, to the well-flagged increase in interest rates, which saw existing homeowners fix their rates, often for many years, with consequences for liquidity in the second-hand market. But while the increase in interest rates has played a role, the underlying issue remains the housing deficit. The mortgage market rules were introduced a decade ago to prevent a repeat of the loose lending that drove Ireland’s Celtic Tiger bubble and crash. Nonetheless, prices are up 75% since then, not because of too much credit but because of too few homes.”

Average list price and year-on-year change – major cities, Q1 2025 

• Dublin: €460,726, up 12.2%
• Cork city: €358,676, up 9.2%
• Limerick city: €300,253, up 13.8%
• Galway city: €409,482, up 13.2%
• Waterford city: €260,657, up 11.2%
• Rest of the country: €296,346, up 11.2%

Find out how your county is performing by reading our latest Daft.ie House Price Report Q1 2025. 

You can also visit www.daft.ie/report to view all previous Daft.ie reports.

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