Property prices continue to rise across the board in October

Property prices continue to rise across the board in October

Residential property prices grew by 1.8% in the month of October, according to the latest figures from the Central Statistics Office (CSO).

The same increase was recorded in the previous month and a decrease of 0.6% was recorded in October of last year.

In the year to October, residential property prices at a national level, increased by 6.1%.  This compares with an increase of 3.6% in September and a decrease of 8.1% recorded in the twelve months to October 2012.

In Dublin residential property prices grew by 2.3% in October and were 15.0% higher than a year ago. Dublin house prices grew by 2.0% in the month and were 14.6% higher compared to a year earlier.

Dublin apartment prices were 18.0% 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) rose by 1.5% in October compared with a decrease of 0.9% in October last year.  Prices were 0.3% lower than in October 2012.

House prices in Dublin are 48% lower than at their highest level in early 2007. Apartments in Dublin are 56% lower than they were in February 2007. Residential property prices in Dublin are 50% 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 47%. Overall, the national index is 47% lower than its highest level in 2007.

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