Property prices continue to rise in October

Property prices continue to rise in October

CSOResidential property prices rose by 2.9% in the month of October, according to the latest figures from the Central Statistics Office (CSO).

This compares with an increase of 1.8% recorded in September and an increase of 1.8% recorded in October of last year.

In the year to October, residential property prices at a national level, increased by 16.3%. This compares with an increase of 15.0% in September and an increase of 6.1% recorded in the twelve months to October 2013.

In Dublin residential property prices grew by 3.0% in October and were 24.2% higher than a year ago. Dublin house prices rose by 3.3% in the month and were 24.1% higher compared to a year earlier. Dublin apartment prices were 26.9% higher when compared with the same month of 2013. 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 2.8% in October compared with a increase of 1.5% in October of last year. Prices were 8.3% higher than in October 2013.

House prices in Dublin are 35.7% lower than at their highest level in early 2007. Apartments in Dublin are 44.5% lower than they were in February 2007. Residential property prices in Dublin are 37.8% lower than at their highest level in February 2007. The price of residential properties in the Rest of Ireland is 42.5% lower than their highest level in September 2007. Overall, the national index is 38.2% lower than its highest level in 2007.

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