Irish property prices rising at fastest rate in the EU

Irish property prices rising at fastest rate in the EU

Ireland had the fastest rate of property price growth in the European Union last year, according to the region’s statistics agency.

Property prices here were 16.3% higher year-on-year by the end of December, according to Eurostat, compared to an average of 1.1% in the euro zone and 2.6% in the wider EU.

The growth in Ireland was also significantly higher than other member states on an individual basis, with Malta recording the next fastest rate at 11%.

By the end of the fourth quarter, Swedish property prices were up 10.4%, prices in Estonia had risen by 10.1% and British prices were 10% higher.

Meanwhile prices in Slovenia were 4.4% lower by the end of December when compared to the same month of 2013 – with prices in Cyprus down by 3.3%.

While the Eurostat figures show Irish property prices surging ahead over the course of 2014, they also show a moderation in the growth rate as the year progressed.

Irish property prices grew by 6.8% between April and June 2014 when compared to the first three months of the year – well ahead of the average growth rate in the region.

However that quarterly rate of growth slowed slightly between July and September and was at a more modest 3.8% by the last three months of 2014.

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