More people are buying homes in rural areas, driving “strong and robust” price growth in those regions, while prices in urban areas are in decline, according to a new report on housing.
Irish property tech firm Geowox has published its latest quarterly housing market report, which includes analysis of each single entry in the Irish property price register. The report focuses on actual sales rather than asking prices.
It suggests homebuyers are increasingly looking to more rural areas to buy, after sales in those places experienced an increase of 4.6 per cent compared to the same period a year ago.
The report also found rural homes experienced “strong and robust” price growth year on year in the third quarter, with an increase of 11.1 per cent. In contrast, urban prices declined by 0.7 per cent.
However, even with prices in rural and urban areas on different trajectories, the cost of buying in urban areas is still significantly greater.
The median price of a home in Dublin stood at €425,000, making it 55.1 per cent more expensive than other counties in the Republic, where the median price of a home was €274,000.
Roscommon saw the steepest increase in prices at 17.2 per cent. In comparison, Dublin showed a decrease in prices of 3 per cent.
The top three postcodes in the capital with the highest median price decline were Dublin 17 (-31.7 per cent), Dublin 3 (-23.3 per cent), and Dublin 2 (-19 per cent). The largest median price growth was found in Dublin 15 (2.9 per cent).
Sligo experienced a significant downturn with a decline of 14.5 per cent over the year, which made it the town with the most substantial decline.
In stark contrast,