The figures come from the Central Statistics Office.
Property prices are increasing at the fastest rate in seven years.
New CSO figures show the cost of property in Dublin rose by 13.4 per cent.
Outside the capital, house prices rose at a faster rate of 16 per cent.
It's the seventeenth month in a row now that property price inflation has risen from the previous month.
There was a 0.5 per cent increase in prices nationally from December to January.
Residential property prices grew by 14.8% in the year to Januaryhttps://t.co/jraMS9KJbg #CSOIreland #Ireland #Housing #HousingConstruction #HouseBuilding #NewDwellings #PropertyPrices #HousePrices #PlanningPermissions #IrishBusiness #BusinessStatistics #BusinessNews pic.twitter.com/xjXfVYiFyx
— Central Statistics Office Ireland (@CSOIreland) March 16, 2022
CEO of the Institute of Professional Auctioneers and Valuer, Patrick Davitt, explains why.
"Now that the pound has got a bit weaker, they have a lot better value," he said.
"They've nearly fifteen per cent of an extra value as opposed to the euro buyers."
The lowest price for a house purchased was recorded in Longford, while the highest was in South Dublin.
