Residential Property Prices rise by 15.0% in the year to September

In the year to September, residential property prices at a national level, increased by 15.0%. This compares with an increase of 14.9% in August and an increase of 3.6% recorded in the twelve months to September 2013.

Residential property prices rose by 1.8% in the month of September. This compares with an increase of 2.3% recorded in August and an increase of 1.8% recorded in September of last year.

In Dublin residential property prices grew by 2.5% in September and were 23.4% higher than a year ago. Dublin house prices rose by 2.4% in the month and were 22.6% higher compared to a year earlier. Dublin apartment prices were 35.2% higher when compared with the same month of 2013. See Tables 6, 7 and 8. 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 price of residential properties in the Rest of Ireland (i.e. excluding Dublin) rose by 1.1% in September compared with a decrease of 0.1% in September of last year. Prices were 7.0% higher than in Septembert 2013.

Overall Decline

House prices in Dublin are 37.7% lower than at their highest level in early 2007. Apartments in Dublin are 44.2% lower than they were in February 2007. Residential property prices in Dublin are 39.6% lower than at their highest level in February 2007. The price of residential properties in the Rest of Ireland is 44.0% lower than their highest level in September 2007. Overall, the national index is 39.9% lower than its highest level in 2007.

Source : Central Statistics Office 22 October 2014