Residential property prices rise 7.1% in the year to October

Residential property prices rise 7.1% in the year to October

Residential property prices nationwide rose by 7.1% in the year to October, new figures from the Central Statistics Office show.

The CSO said this compares to growth of 4.4% the same time last year.

Dublin property prices increased by 5.5% in the year to October, with house prices up 6.1% and apartment prices rising by 4.1%. Dublin prices remain the country’s most expensive.

Within the Dublin area, the CSO noted the highest price increases were in Dublin City (at 7.5%), while the lowest growth rate was seen in Fingal with prices up 3.4% there.

Meanwhile, residential property prices in the rest of the country jumped by 10.2% in the year to October.

Houses prices rose by 10.3% with the Midland regions showing the fastest growth rate of 16.6%, while the Mid-East region saw the slowest growth rate of 6.1%.

Apartment prices in the rest of the country outside of Dublin rose by 9.3% in the year to October.

In October, the average market price paid for a new residence was €250,147. The CSO said that the average market price paid by households over 12 months – a more stable measure of price – was €235,750.

In the year to October, the average price paid for a home was higher in Dublin than in other region or county, with the average price amounting to €386,657.

After Dublin, the next most expensive region was the Mid-East, where the average market price was €238,492.

Within this area, Co Wicklow was most expensive, with an average price of €314,690.

The least expensive region for household purchases over the last 12 months was the Border region, with an average price of €112,586.

But the cheapest price for houses was seen in Co Longford, with an average price of €83,420

Today’s CSO figures show that from the lows reached in early 2013, property prices nationally have increased by 48.4%.

During this time, Dublin residential property prices have increased 64.7% while residential property prices in the rest of the country are 44.7% higher.

They also show that when measured by value, the housing market has increased by 6.8% from €762.9m to €815m in the 12 months to October.

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