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Dub home price rise twice national rate

Thursday, July 24 11:10:33

In the year to June, residential property prices at a national level, increased by 12.5pc but Dublin home prices rose at nearly twice that rate over the same period, latest CSO figures show.

The national figure compares with an increase of 10.6pc in May and an increase of 1.2pc recorded in the twelve months to June 2013.

Residential property prices rose by 2.9pc in the month of June. This compares with an increase of 2.3pc recorded in May and an increase of 1.2pc recorded in June of last year.

In Dublin residential property prices grew by 3.3pc in June and were 23.9pc higher than a year ago. Dublin house prices rose by 3.1pc in the month and were 24.4pc higher compared to a year earlier. Dublin apartment prices were 18.2pc higher when compared with the same month of 2013. 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 2.3pc in June compared with an increase of 0.7pc in June of last year. Prices were 3.4pc higher than in June 2013.

House prices in Dublin are 42.7pc lower than at their highest level in early 2007. Apartments in Dublin are 50.5pc lower than they were in February 2007. Residential property prices in Dublin are 44.5pc lower than at their highest level in February 2007. The price of residential properties in the Rest of Ireland is 45.8pc lower than their highest level in September 2007. Overall, the national index is 43.4pc lower than its highest level in 2007.

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