Property prices on the rise in May

Property prices on the rise in May

Residential property prices grew by 0.3% in the month of May, according to the latest figures from the Central Statistics Office (CSO).

This compares with an increase of 0.8% recorded in April. Prices grew by 0.2% in the month of May of last year.

In the year to May, residential property prices at a national level, fell by 1.1%. This compares with an annual rate of decline of 1.2% in April and a decline of 15.3% recorded in the twelve months to May 2012.

In Dublin residential property prices grew by 0.5% in May and were 1.4% higher than a year ago.

Dublin house prices grew 0.5% in the month and were 1.3% higher compared to a year earlier. Dublin apartment prices were 1.2% lower when compared with the same month of 2012. 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) grew by 0.1% in May compared with an increase of 0.1% in May last year. Prices were 2.8% lower than in May 2012.

House prices in Dublin are 55% lower than at their highest level in early 2007. Apartments in Dublin are 61% lower than they were in March 2007. Residential property prices in Dublin are 56% lower than at their highest level in March 2007. The fall in the price of residential properties in the Rest of Ireland is somewhat lower at 48%. Overall, the national index is 50% lower than its highest level in 2007.

Leave a Reply