Construction BUSINESS

In the year to November, residential property prices at national level increased by 11.6%, according to the CSO’s Residential Property Price Index November 2017 report. This compares with an increase of 11.8% in the year to October and an increase of 9.2% in the twelve months to November 2016.

In Dublin, residential property prices increased by 11.3% in the year to November. Dublin house prices increased 11.5%. Apartments in Dublin increased 11.8% in the same period. The highest house price growth was in Dublin City, at 13.3%. In contrast, the lowest growth was in Dun Laoghaire-Rathdown, with house prices rising 10.8%.

Residential property prices in the Rest of Ireland (i.e. excluding Dublin) were 11.7% higher in the year to November. House prices in the Rest of Ireland increased 11.6% over the period. The West region showed the greatest price growth, with house prices increasing 16.0%.  The Mid-West region showed the least price growth, with house prices increasing 8.9%. Apartment prices in the Rest of Ireland increased 13.2% in the same period.

Overall Decline

Overall, the national index is 23.1% lower than its highest level in 2007. Dublin residential property prices are 24.1% lower than their February 2007 peak, while residential property prices in the Rest of Ireland are 29.2% lower than their May 2007 peak.

Recovery

From the trough in early 2013, prices nationally have increased by 71.6%. Dublin residential property prices have increased 88.1% from their February 2012 low, whilst residential property prices in the Rest of Ireland are 62.8% higher than the trough, which was in May 2013.