House prices continue to rise but at a slower rate

House prices continue to rise but at a slower rate

House prices in Ireland are continuing to rise, but at a slower rate than before – with Dublin prices on the decline.

Residential property prices rose nationally by 0.1% in the month of June, according to the latest figures from the Central Statistics Office (CSO).  This compares with an increase of 0.5% recorded in May and an increase of 2.9% recorded in June of last year.

In the year to June, residential property prices increased nationally by 10.7%.  This compares with an increase of 13.8% in May and an increase of 12.5% in the twelve months to June 2014.

In Dublin residential property prices fell by 0.4% in June. Despite this fall, Dublin residential property prices were still 11.1% higher than in June 2014. Dublin house prices fell by 0.3% in June whilst Dublin apartment prices fell by 0.4%.  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.

Outside of Dublin residential property prices rose by 0.4% in June. Prices were up 9.7% compared with June 2014.

At national level residential property prices were 37.4% lower than their peak level in 2007.  Dublin house prices were 36.6% lower than their peak, Dublin apartment prices were 42.2% lower than their peak and Dublin residential property prices overall were  38.4% lower than their highest level.  Outside of Dublin residential property prices were 40.5% lower than their highest level in 2007.

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