Property rises see 8.6% annual growth in November - CSO.

In the year to November, residential property prices at national level increased by 8.6%. This compares with an increase of 6.9% in the year to October and an increase of 4.2% in the twelve months to November 2015.

In Dublin, residential property prices increased by 5.9% in the year to November. Dublin house prices increased 5.6%. Whereas apartments increased 9.6% in the same period. The highest house price growth was in South Dublin, at 8.3%. In contrast, the lowest growth was in Fingal, with house prices rising just 3.1%.

Residential property prices in the Rest of Ireland (i.e. excluding Dublin) were 12.8% higher in the year to November. House prices in the Rest of Ireland increased 12.9% over the period. The West region showed the greatest price growth, with house prices increasing 16.7%. Conversely, the Mid-East region showed the least price growth, with house prices increasing 8.3%. Apartment prices in the Rest of Ireland increased 7.8% in the same period.

Overall Decline

Overall, the national index is 31.5% lower than its highest level in 2007. Dublin residential property prices are 32.2% lower than their February 2007 peak, while residential property prices in the Rest of Ireland are 35.9% lower than their May 2007 peak.

Recovery

From the trough in early 2013, prices nationally have increased by 50.3%. In the same period, Dublin residential property prices have increased 65.8% whilst residential property prices in the Rest of Ireland are 47.5% higher.

Note

Because the RPPI is based on Revenue stamp duty returns, which have a 44 day submission deadline, only a fraction of the two most recent months’ residential property transactions are available for index compilation the following month. This means that the RPPI for the latest two months is provisional and subject to revision.

Source: Central Statistics Office ( CSO ) 16/01/2016