Residential property prices in Ireland increase in 2016
In the year to December, residential property prices at national level increased by 8.1%, according to the latest figures from the Central Statistics Office.This compares with an increase of 8.2% in the year to November and an increase of 4.6% in the twelve months to December 2015.
In Dublin, residential property prices increased by 5.7% in the year to December. Dublin house prices increased 5.8%. Whereas apartments increased 7.9% in the same period. The highest house price growth was in South Dublin, at 9.7%. In contrast, the lowest growth was in Fingal, with house prices rising just 3.2%.
Residential property prices in the Rest of Ireland (i.e. excluding Dublin) were 12.0% higher in the year to December. House prices in the Rest of Ireland increased 12.1% over the period. The West region showed the greatest price growth, with house prices increasing 17.8%. Conversely, the Mid-East region showed the least price growth, with house prices increasing 7.6%. Apartment prices in the Rest of Ireland increased 9.5% in the same period.
Overall, the national index is 32.1% lower than its highest level in 2007. Dublin residential property prices are 32.8% lower than their February 2007 peak, while residential property prices in the Rest of Ireland are 36.3% lower than their May 2007 peak.
From the trough in early 2013, prices nationally have increased by 49.1%. In the same period, Dublin residential property prices have increased 64.3% whilst residential property prices in the Rest of Ireland are 46.6% higher.
Sıurce: Central Statistics Office