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Keane Thompson Estate Agents

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News

Looking for certain features

Irish Property Prices – The current situation

By

Jana Keane

Posted in Investment Property, Keane Thompson, Property News, Residential On 14 August 2017

Irish Property prices are not showing signs of slowing down. The latest figures have indicated that the price growth accelerated in June, with prices now growing at a rate of 11.6% on an annual basis.

The CSO (Central Statistics Office) have reported that in the year up to June, residential Irish property prices rose by 11.6%, compared with an increase of 11.1% in the year to May and an increase of 5.5% in the 12 months to June 2016.

  • Average market price paid by households for a dwelling was €258,544, or €401,890 in Dublin.
  • Dún Laoghaire-Rathdown was the most expensive area to buy a house in Ireland, with an average price of €580,902.
  • Co Longford, the least expensive county in which to buy a house, with an average price of €93,912.

Dublin’s rate of growth was slightly lower at 11.1%, with house prices increasing at a slightly higher rate of 11.2%, and apartments advancing by 10.6%. The highest house price growth was in south Dublin, at 11.8%. Across the city, house prices rose by just 5.4% in Fingal.

Elsewhere, property prices rose by 11.8% in the year to June, with the southeast region showing the fastest growth rate of 16.7%. Price growth was also significant in the midlands (14.8%) and southwest (13.2%). Price growth in the midwest region on the other hand was a more muted 8.4%.

Conall MacCoille, economist with Davy Stockbrokers, attributes the gains to the robust economic recovery, looser credit conditions and the announcement of the “help-to-buy” scheme.

Recovery in flow?

The stats would point to a continued recovery in Irish property prices. House prices across Ireland are now just 29% lower than the highest level reached in 2007, while Dublin prices are 29.9% lower than their February 2007 peak, and property prices outside of Dublin are 34.6% lower than their May 2007 peak.

The figures also point to a jump in transaction figures. In June, for example, 3,441 house purchases were filed with the Revenue Commissioners, up by 8.3% increase compared with June 2016, but down by 0.4% compared with May 2017, when 3,456 purchases were filed. The total value of the market, based on transactions filed in June, was €916 million.

The help-to-buy scheme, which offers first-time buyers 5% off the purchase price of a new home, is clearly driving growth in the sales of new homes. Indeed the number of new homes being sold increased by 19.3% in the year to June 2017, compared with an increase of just 6.4% for the number of existing homes.

first time buyers

Revisions

The latest figures from the CSO incorporate a revision back to January 2010, to include additional categories of new dwellings, such as sites with associated building agreements; unitary contracts, which provide for a single bundled price for both the land and the construction; as well as residual transactions, which may be filed too late to be included in the original index calculations .

 House Prices, mortgage, Property News, recession

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