Property prices rise for second successive month, according to CSO

Property prices rise for second successive month, according to CSO

Residential property prices rose by 0.5% in the month of August, according to the latest figures from the CSO.

The latest boost for the property market follows a 0.2% increase in July and compares with a decline of 1.6% this time last year.

In Dublin residential property prices fell by 0.5% in August and were 13.8% lower than a year ago. Dublin house prices decreased by 0.7% in the month and were 14.4% lower compared to a year earlier. Dublin apartment prices were 13.4% lower when compared with the same month of 2011.

In the year to August, residential property prices at a national level, fell by 11.8%. This compares with an annual rate of decline of 13.6% in July and a decline of 13.9% recorded in the twelve months to August 2011.

The price of residential properties in the Rest of Ireland (i.e. excluding Dublin) rose by 1.3% in August compared with a decline of 0.3% in August last year. Prices were 10.7% lower than in August 2011.

House prices in Dublin are 56% lower than at their highest level in early 2007. Apartments in Dublin are 63% lower than they were in February 2007. Residential property prices in Dublin are 57% lower than at their highest level in February 2007. The fall in the price of residential properties in the Rest of Ireland is somewhat lower at 46%. Overall, the national index is 50% lower than its highest level in 2007.

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