Dublin Home Prices 13x Salary in 2024, Belfast 6x: CSO Report
A CSO report shows Dublin home prices were over 13 times the median salary in 2024, versus six times in Belfast, highlighting a widening affordability gap in Ireland. While Ireland has higher disposable incomes, Northern Ireland provides greater social support. The economies also differ, with manufacturing dominant in Ireland and public services in Northern Ireland.
A Central Statistics Office (CSO) report reveals that in 2024, the median price of a home in Dublin was over 13 times the median gross annual salary, compared to six times in Belfast. This indicates that house prices in Ireland have significantly outpaced earnings growth over the past decade, widening the affordability gap since 2014.
In Louth, median house prices rose from five times annual earnings a decade ago to almost 11 times in 2024. Conversely, Newry, Mourne and Down saw stable house prices relative to incomes, remaining around nine times annual earnings. Ireland's GDP in 2024 was almost three times higher than Northern Ireland's, influenced by large multinationals.
Despite housing pressures, disposable income per person in Ireland was higher at €21,488 in 2023, compared to €18,998 in Northern Ireland. The Eastern and Midland region, including Dublin, recorded the highest at €22,264. However, Northern Ireland had higher social support, with social benefits at €5,645 per person in 2023, accounting for 30% of disposable income, versus €5,056 and 24% in Ireland.
The economic structures also differ: manufacturing was Ireland’s largest sector in 2023 at 31% of gross value added, while public administration, education, and health was Northern Ireland’s largest at 24% of economic output.