CSO reports first annual increase in property prices since January 2008

CSO reports first annual increase in property prices since January 2008

In the year to June, residential property prices at a national level increased by 1.2%, according to the latest figures from the Central Statistics Office (CSO).

This is the first annual increase since January 2008. It compares with an annual rate of decline of 1.1% in May and a decline of 14.4% recorded in the 12 months to June 2012.

Residential property prices grew by 1.2% in the month of June. This compares with an increase of 0.3% recorded in May. Prices fell by 1.1% in the month of June of last year.

In Dublin residential property prices grew by 1.7% in June and were 4.2% higher than a year ago. Dublin house prices grew 1.4% in the month and were 3.6% higher compared to a year earlier. Dublin apartment prices were 9.7% higher 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 0.7% in June compared with a decrease of 1.0% in June last year. Prices were 1.0% lower than in June 2012.

House prices in Dublin are 54% lower than at their highest level in early 2007. Apartments in Dublin are 58% lower than they were in March 2007. Residential property prices in Dublin are 55% 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.

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