Dublin Property has increased in price by 10.6 per cent over the last 12 months, according to new figures released by the Central Statistics Office.
In the year to August, residential property prices at a national level increased by 2.8 per cent compared to an increase of 2.3 per cent in July and a decrease of 11.8 per cent recorded in the 12 months to August 2012. The latest Residential Property Price Index shows property prices grew by 0.9 per cent in the month of August, making it the fifth consecutive month in which property prices have increased. In July this year property prices increased by 1.2 per cent.
Dublin Property News
Dublin residential property prices grew by 1.9 per cent in August this year, and were 10.6 per cent higher than a year ago. House prices in the capital were 10.5 per cent higher last month than August 2012, while apartment prices were 10.1 per cent higher. House prices in Dublin were 51 per cent lower now than at their peak in early 2007, while apartment prices were 59 per cent lower.
The fall in the price of residential properties in the rest of Ireland is somewhat lower at 48 per cent. Overall, the national index is 49 per cent lower than its highest level in 2007. The price of residential properties in the rest of Ireland (i.e. excluding Dublin) rose by 0.1 per cent in August but were 2.6 per cent lower than in August 2012.
Keane Thompson’s Residential Lettings Specialist Jana Keane believes the figures are the result of a lack of supply in the capital and were not indicative of a sustainable recovery. “There is a short supply in Dublin and this has caused a squeeze in the market. I feel the price inflation of 10%+ per annum is not a healthy change. Prices are rising fast but for the wrong reasons in my opinion. To have a more sustainable recovery, we need to have an increase in supply in the market to accompany this demand. There is still a divide between Dublin and the Rest of Ireland. There is a high number of vacant properties in areas of the country, and in particular the surrounding counties bordering Dublin as well as in the west.”