Dublin property prices up 3% over last year

Nationally house prices fall 2.6% in year up to February, according to CSO

Dublin residential property prices fell 0.3 per cent in February but are 3 per cent higher on the year. Photograph: Neil Hall/Reuters

Dublin residential property prices fell 0.3 per cent in February but are 3 per cent higher on the year. Photograph: Neil Hall/Reuters

Tue, Mar 26, 2013, 15:35

Property prices in Dublin are 3 per cent higher than a year ago though prices fell 0.3 per cent in the capital between January and February this year, according to the Central Statistics Office.

Apartments in Dublin have shown a surge in prices over the last year – up 7.8 per cent – though the office warned the figures are based on low volumes and are therefore likely to be more volatile. Apartments in the capital are up 5.8 per cent in February.

Dublin house prices are up 2.5 per cent over the last year but declined by 1 per cent in February.

A surge in prices in Dublin last September and November when prices went up 2.4 per cent has increased the overall prices in the city over the last year.

Nationally house prices fell by 2.6 per cent in the year up to February though the rate of decline has slowed since January from 3.3 per cent. The annual decline rate stands at 17.8 per cent in the year to February.

Excluding Dublin, property prices fell by 6.1 per cent in the year up to February and fell by 2.1 per cent in February alone.

House prices in Dublin are now 55 per cent lower than at their highest level in early 2007, while apartments are 59 per cent lower than they were in February 2007.

The CSO said the fall in the price of residential properties outside of Dublin was lower at 49 per cent and overall, the national index is 51 per cent lower than it was at its highest level in 2007.