A new survey has found that three-bed semis in Dublin's suburbs are reaching sale agreed in just days as mortgage-approved buyers chase family homes rather than city centre apartments.
The latest REA Average House Price Index has found that actual selling prices in Dublin city rose by 3% in the first three months of 2025.
It noted that the average three-bed semi in the capital is now selling at €558,250 - an increase of almost €50,000 in the past year.
The REA Average House Price Index concentrates on the sale price of Ireland's typical stock home - the three-bed semi - and gives an accurate picture of the second-hand property market in towns and cities countrywide.
Today's survey found that the actual selling price of a three-bed, semi-detached house across the country rose by 2.5% in the past three months to €338,847.
"There is a marked change in the Dublin market, with buyers looking at homes in the suburbs, while city centre property is proving less attractive," said REA spokesperson Seamus Carthy.
Both owner occupiers and investors are turning their attentions away from city centre apartment living, according to agents REA Halnon McKenna.
"Increased wage levels going into 2025 are leading to higher mortgage approvals and increased choice for buyers. As a result, quality properties are being snapped up quickly in the suburbs," the estate agents added.
According to Dublin agent Anthony McGee of REA McGee, the market in the capital's suburbs has started 2025 at a rapid pace.
"Stock is increasing, and we are seeing a large cohort of loan-approved purchasers at viewings," he said.
Today's survey also reveals that the absence of new home building and historically low supply, has seen three bed semi-detached homes in parts of Donegal, Kerry, Mayo, Offaly and Roscommon increase by over 23% in the past year.
"The market has been very active over the past four weeks after a significant pause nationwide because of the effects of Storm Éowyn," said Mr Carthy.
"There is an improvement in supply, and any new stock on the market is selling very quickly," he added.
The actual selling price of a three-bed, semi-detached house across the country rose by 2.5% in the past three months to €338,847, and 10% overall annually.
But towns such as Castlebar, Tralee, Milford, Castlerea and Tullamore are reporting "unprecedented" annual rises of up to 27% due to multiple buyers bidding on scarce properties, today's survey shows.
Prices in the major cities outside the capital rose by an average of 3% to €355,250 in the last three months - an annual rate of increase of 8%.
Galway city three-bed semis increased by €10,000 for the third quarter in a row to an average of €380,000 - an annual rise of 10% - with the market showing no signs of slowing.
Cork (€395,000), Waterford (€321,000) and Limerick (€325,000) saw quarterly rises of 1.3%, 2.9% and 1.% respectively, with homes in Limerick now reaching sale agreed in three weeks on average.
Homes in the country's large towns continue to show the biggest annual growth nationwide, 2.9% this quarter and 13% up on last March to an average of €256,576, REA figure show.
