Dublin residential prices fall for sixth consecutive month

Residential property prices in Dublin fell for a sixth consecutive month in March 2023. Prices declined by 0.9% MoM in March but remained up by 1.7% YoY. This is likely a result of tightening credit conditions hampering buyers' purchasing power. Prices outside Dublin have followed a similar trend, falling by 0.4% MoM but remaining up by 5.7% YoY. Research from the CSO suggests that first time buyers accounted for more activity nationally in March when compared to the same month last year, indicating that demand in this segment of the market remains robust - despite the ECB's recent interest rate hikes.