Dublin House Prices 13x Salaries in 2024, Belfast 6x, CSO Report Shows
A CSO report shows Dublin's median house price was 13 times the median salary in 2024, more than double Belfast's ratio of six times. House prices in the Republic significantly outpaced earnings since 2014, unlike Northern Ireland. Dublin also had the highest primary income share, while Northern Ireland led in employment.
A 2024 report from the Central Statistics Office (CSO) reveals that the gap between house prices and salaries in Dublin was more than double that in Belfast. In Dublin, the median house price was 13 times the median annual salary, while in Belfast, it was six times the median salary.
Since 2014, Northern Ireland's house price-to-earnings ratio has remained stable, but in the Republic, house prices significantly outpaced earnings. For example, in Louth, the ratio grew from five times the median annual salary in 2014 to almost 11 times a decade later, whereas Newry, Mourne and Down's ratio stayed constant at around nine times.
Gross disposable household income increased across all regions between 2011 and 2023, with Northern Ireland seeing the smallest rise at 38% and the eastern/midland region of the Republic the largest at 45%. Dublin had the highest share of primary income as a percentage of disposable income in 2023, reflecting high incomes in the commuter belt. Social benefits were lowest in Dublin and highest in regions like Longford and Donegal.
Northern Ireland consistently recorded the highest number of employed people, followed by Dublin. Employment increased by approximately 20% in Northern Ireland between 2009 and 2024. Gross value added (GVA) rose 36% in Northern Ireland from 2015 to 2023, compared to 77% in the Republic's eastern/midland region and 48% in the southern region, attributed to multinational corporations. Manufacturing was the largest sector in the Republic in 2023 (31% of GVA), while public administration, education, and health dominated in Northern Ireland (24%).