Irish residential property prices continue upward march

Overall values up 7.3%, with growth in Dublin at 5.4% and 11% everywhere else

Despite the rise in prices, the national index is 33.1% lower than the 2007 peak. Photograph: iStock

Despite the rise in prices, the national index is 33.1% lower than the 2007 peak. Photograph: iStock

 

Residential property prices have continued to increase, rising 7.3 per cent in latest figures for the year to September.

That compares with an increase of 6.8 per cent for the year to August and 4.2 per cent in the 12 months to September 2015. The rise in value of homes was higher outside Dublin.

Overall, the national price index is now 33.1 per cent lower than its highest level in 2007.

The Central Statistics Office (CSO) data also shows that Dublin residential prices increased by 5.4 per cent in the year to September.

House values went up by 5.7 per cent and apartments 6 per cent.

The highest growth rate was recorded in Dublin city (6.7 per cent) and the lowest in Dún Laoghaire-Rathdown, where the price tag on houses rose by just 3.5 per cent.

In the rest of the country, residential prices (excluding Dublin) were 11 per cent higher in the year to September. House prices increased by 10.9 per cent over the period.

The midlands showed the greatest price growth, with houses increasing by 15 per cent. The mideast region showed the least growth, at 5.3 per cent. Apartment prices outside Dublin increased by 12.5 per cent in the same period.

2007 peak prices

The national index is 33.1 per cent lower than the 2007 peak. Dublin residential property prices are 33.5 per cent lower than in February 2007, when they topped out, while residential property prices outside Dublin are 37.5 per cent lower than their peak in May 2007.

“From the trough in early 2013, prices nationally have increased by 46.9 per cent,” the CSO said in Thursday’s statement.

“In the same period, Dublin residential property prices increased by 62.7 per cent, while residential properties in the rest of Ireland index increased 43.8 per cent from their lowest point.”