Property prices up 5.6% nationally in the year to January

In Dublin, prices were up 1.9% while outside the capital, prices jumped 9.5%

House prices were up 2.3 per cent in Dublin with  apartments rising by 1.6 per cent

House prices were up 2.3 per cent in Dublin with apartments rising by 1.6 per cent

 

Residential property prices have increased by 82.1 per cent from their trough in early 2013 and rose by 5.6 per cent nationally in the year to January, new figures show.

This marked the slowest year-on year-increase since June 2016 and comes asprices fell 0.4 per cent between December and January.

Property prices in Dublin rose 1.9 per cent in the year to January with house prices up 2.3 per cent and apartments up 1.6 per cent.

According to the Central Statistics Office, the highest house price growth was in South Dublin, up 4 per cent. The lowest growth in the capital was in Fingal, where prices increased 2.6 per cent.

Property prices outside the capital were 9.5 per cent higher with house prices up 8.5 per cent and apartments, rising 18.6 per cent.

The mid-West saw the largest price rise at 16.5 per cent, while the smallest increase was the mid-East, up 5.1 per cent.

The statistics show Dublin residential property prices are still 22.4 per cent lower than their February 2007 peak, while prices outside of the capital are 21.7 per cent lower than their May 2007 peak.

Cantor chief economist Alan McQuaid said lack of supply continues to be the key issue for the housing market with presidential property prices likely to continue to rise until there are more houses built.

He noted that there is now clear evidence however that house price growth is easing, especially in Dublin.

“We see house price growth staying in positive territory on a year-on-year basis for a while yet. The biggest rise is likely to come from outside the capital, with the asking price for houses in more expensive areas increasing at a slower rate,” said Mr McQuaid.