The average cost of an apartment went from €535,395 to €616,553, with the typical new flat going for quite a bit more (€653,460) than properties that have already been lived in (€589,523). The average size of these apartments was about 83m2.

By way of comparison, in 2012 a similar property would have set you back about €345,874.

The rate of increase is growing at an alarming rate. In the mid-2010s, the annual rate of increase hovered around 5% per annum. Even then this was seen as a strong rate of growth well in excess of general prices rises, with inflation close to zero. The pace picked up in 2018 with 7.0% annual growth and then 10.1% in 2019, but even these were surpassed in 2020.

Statec does not explain these increases, but reasons could include speculative pressure, the constantly rising population (a further 1.9% growth was reported last year), and locked-down households having more desire to move to a larger property coupled with them having the extra savings (due to lockdown) to afford the move.