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.