Residential property prices in Ireland rise by 7.9% in the year to January
In the year to January, residential property prices at national level increased by 7.9% in the Ireland, according to the data from Central Statistics Office (CSO) . This compares with an increase of 7.9% in the year to December and an increase of 5.6% in the twelve months to January 2016.
In Dublin, residential property prices increased by 5.3% in the year to January. Dublin house prices increased 4.9%. Whereas apartments increased 9.1% in the same period. The highest house price growth was in South Dublin, at 6.8%. In contrast, the lowest growth was in Fingal, with house prices rising just 2.9%.
Residential property prices in the Rest of Ireland (i.e. excluding Dublin) were 11.3% higher in the year to January. House prices in the Rest of Ireland increased 11.2% over the period. The West region showed the greatest price growth, with house prices increasing 18.8%. Conversely, the Mid-East region showed the least price growth, with house prices increasing 8.9%. Apartment prices in the Rest of Ireland increased 15.7% in the same period.
Overall, the national index is 31.8% lower than its highest level in 2007. Dublin residential property prices are 32.4% lower than their February 2007 peak, while residential property prices in the Rest of Ireland are 36.6% lower than their May 2007 peak.
From the trough in early 2013, prices nationally have increased by 49.6%. In the same period, Dublin residential property prices have increased 65.2% whilst residential property prices in the Rest of Ireland are 45.9% higher.