Property prices continue to rise, according to CSO

Property prices continue to rise, according to CSO

Residential property prices grew by 1.2% in the month of July, according to the latest figures from the Central Statistics Office (CSO). This was the same as the increase recorded in the previous month and compares with an increase of 0.2% in July of last year.

In the year to July, residential property prices at a national level, increased by 2.3%. It compares with an increase of 1.2% in June and a decrease of 13.6% recorded in the twelve months to July 2012.

In Dublin residential property prices grew by 3.3% in July and were 8.0% higher than a year ago. Dublin house prices grew 3.6% in the month and were 7.5% higher compared to a year earlier. Dublin apartment prices were 11.6% 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) fell by 0.1% in July compared with an increase of 0.3% in July last year. Prices were 1.5% lower than in July 2012.

House prices in Dublin are 52% lower than at their highest level in early 2007. Apartments in Dublin are 59% lower than they were in February 2007. Residential property prices in Dublin are 54% lower than at their highest level in February 2007. The fall in the price of residential properties in the Rest of Ireland is somewhat lower at 48%. Overall, the national index is 49% lower than its highest level in 2007.

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