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Dublin leads 5.6pc home price surge

Monday, December 23 11:09:44

In the year to November, residential property prices at a national level, increased by 5.6pc led by a significant rise in Dublin house prices, latest figures from the CSO reveal.

This compares with an increase of 6.1pc in October and a decrease of 5.7pc recorded in the twelve months to November 2012.

Residential property prices grew by 0.6pc in the month of November. This compares with an increase of 1.8pc recorded in October and an increase of 1.1pc recorded in November of last year. See Table 1.

In Dublin residential property prices grew by 1.3pc in November and were 13.8pc higher than a year ago. Dublin house prices grew by 1.4pc in the month and were 13.1pc higher compared to a year earlier. Dublin apartment prices were 20.7pc 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.

In the Rest of Ireland (i.e. excluding Dublin) residential property prices were unchanged in the month of November. This compares with an increase of 0.3pc in November last year. Prices were 0.6pc lower than in November 2012.

House prices in Dublin are 47.5pc lower than at their highest level in early 2007. Apartments in Dublin are 56.1pc lower than they were in February 2007. Residential property prices in Dublin are 49.2pc 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 46.9pc. Overall, the national index is 46.5pc lower than its highest level in 2007.