CSO figures show huge disparities in Dublin property prices
Property prices rise 3.8 per cent in Dublin and 6.7 per cent nationally in year to July
In the Dublin residential property market, prices increased by 3.8 per cent in the 12 months to July 2016.
Buying a house in Ranelagh, Rathmines, or Rathgar is likely to set purchasers back a hefty sum.
The Central Statistics Office’s new residential property price index, which includes information on cash purchases for the first time, shows huge disparity in prices throughout the capital.
The most expensive postal district in the year to July 2016 was Dublin 6, where the average price for a dwelling was €694,148. The second-most-expensive postal district was Dublin 4 with an average price of €648,855. Third most expensive was Glenageary with an average price of €626,747.
The least expensive postal district in the year to July 2016 was Dublin 10, where households paid an average price of €154,717 for a dwelling. Second least expensive was Balbriggan, with an average price of €190,455. The third least expensive was Dublin 17, with an average asking price of €204,000.
Year-on-year price rise
In the Dublin residential property market, prices increased by 3.8 per cent in the 12 months to July. This compares with an increase of 2.5 per cent in the year to June and an increase of 4.5 per cent in the year to July 2015.
In the year to July, residential prices at a national level increased by 6.7 per cent.
During the month of July, property prices in Dublin increased by 1.6 per cent. This compares with an increase of 0.4 per cent in June and an increase of 0.4 per cent in July of last year.
Residential prices in the capital are now 58.2 per cent higher than their lowest level in April/May 2012, but remain 35.3 per cent below their peak price level in 2006.
Compared with property prices nationally, which fell 54.4 per cent from peak to trough, Dublin prices fell further, falling 59.1 per cent from high point to low point.
However, Dublin prices began to recover sooner and have recovered further than national prices. Currently Dublin prices are just 12.7 per cent less than their base value (January 2005), compared to 14.5 per cent nationally.
Dublin house prices increased 3.9 per cent in the 12 months to July 2016. This compares with an increase of 1.9 per cent in the year to June and an increase of 3.7 per cent in the year to July 2015.
The capital’s house prices are 60.4 per cent higher than their trough in February 2012. However, they are 32.8 per cent lower than their peak in April 2007.
The recovery was initially led by price increases in Dún Laoghaire-Rathdown in 2012 and 2013. However, since late 2014 onwards, Dublin City has led the growth in house prices. In contrast, house prices in the Fingal area have been slowest to recover.
The price of apartments in Dublin increased 6.4 per cent in the year to July 2016. This compares with an increase of 8.7 per cent in the year to June and an increase of 11.9 per cent in the year to July 2015.
Dublin apartment prices are 68.9 per cent higher than their 2012 trough, but are 40.1 per cent lower than their peak in February 2007.
The strongest period of price growth for Dublin apartments (2013-2014) coincided with a period of substantial growth in the volume of sales. From 2015 onwards, volume growth has levelled off and price growth has been more hesitant.