Property prices continued to rise in December

Property prices continued to rise in December

Residential property prices rose by 0.4% in the month of December, according to the Central Statistics Office (CSO).

This compares with an increase of 0.5% recorded in November and an increase of 0.3% recorded in December of last year.

In the year to December, residential property prices at a national level, increased by 16.3%.  This compares with an increase of 16.2% in November and an increase of 6.4% recorded in the twelve months to December 2013.

In Dublin residential property prices rose by 0.2% in December and were 22.3% higher than a year ago.  Dublin house prices rose by 0.3% in the month and were 22.5% higher compared to a year earlier.

Dublin apartment prices were 21.0% 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 0.7% in December compared with a rise of 0.1% in December of last year.  Prices were 10.2% higher than in December 2013.

House prices in Dublin are 35.6% lower than at their highest level in early 2007.  Apartments in Dublin are 44.9% lower than they were in February 2007.  Residential property prices in Dublin are 37.7% lower than at their highest level in February 2007.  The price of residential properties in the Rest of Ireland is 41.4% lower than their highest level in September 2007.  Overall, the national index is 37.6% lower than its highest level in 2007.

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