Dublin house prices rise nearly 25% in 12 months

House prices increases in Dublin are continuing to accelerate and were just under 25 per cent higher at the end of June compared to 12 months earlier.

Dublin house prices rose by 3.1 per cent in June and were 24.4 per cent higher compared to a year earlier. Apartment prices in the capital were 18.2 per cent higher than at the end of June 2013 taking average price increase of residential properties in Dublin to 3.3 per cent for the month and 23.9 per cent year on year.

Nationally, the year to the end of June saw residential property prices increase by 12.5 per cent compared to an increase of 10.6 per cent in April and increase of just 1.2 per cent recorded in the 12 months to the end of June last year .

When Dublin is excluded, the price of residential properties nationally rose by 2.3 per cent in June compared with an increase of 0.7 per cent in the same month last year while prices are now 3.4 per cent higher than they were at the end of June 2013.

House prices in Dublin are now 42.7 per cent lower than at their highest level in early 2007. Apartments in the capital are 50.5 per cent lower than they were in February 2007.

The price of residential properties in the Rest of Ireland is 45.8 per cent lower than their highest level in September 2007. Overall, the national index is 43.4 per cent lower than its highest level in 2007.

Meanwhile, figures released today by estate agents, Douglas Newman Goode (DNG) suggest that there has been a 5.9 per cent increase in Dublin house prices from the end of April. It says that house prices in the capital climbed by €20,000 since end March or €220 per day in the capital and found that houses with price tags of less than €250,000 grew at the fastest rate 10.9 per cent in the second quarter

Between April 2005 and April 2006 the growth in national prices was 13.2 per cent, up on the rate of growth to March 2006 of 12.1 per cent and more than twice the 6.5 per cent rise recorded in the 12 months to April 2005.