Thursday, September 26 11:07:52
In the year to August, residential property prices at a national level increased by 2.8pc, latest CSO figures show.
It compares with an increase of 2.3pc in July and a decrease of 11.8pc recorded in the twelve months to August 2012.
Residential property prices grew by 0.9pc in the month of August. This compares with an increase of 1.2pc recorded in July. Prices grew by 0.5pc in August of last year.
In Dublin residential property prices grew by 1.9pc in August and were 10.6pc higher than a year ago. Dublin house prices grew by 2.1pc in the month and were 10.5pc higher compared to a year earlier. Dublin apartment prices were 10.1pc higher when compared with the same month of 2012.
However, it should be noted that the sub-indices for apartments are based on low volumes of observed transactions and consequently suffer from greater volatility than other series, the CSO cautioned.
The price of residential properties in the Rest of Ireland (i.e. excluding Dublin) rose by 0.1pc in August compared with an increase of 1.3pc in August last year. Prices were 2.6pc lower than in August 2012.
House prices in Dublin are 51pc lower than at their highest level in early 2007. Apartments in Dublin are 59pc lower than they were in February 2007. Residential property prices in Dublin are 53pc lower than at their highest level in February 2007. The fall in the price of residential properties in the Rest of Ireland is somewhat lower at 48pc. Overall, the national index is 49pc lower than its highest level in 2007.