Residential property prices rise by 11.9% in the year to May
In the year to May, residential property prices at national level increased by 11.9%. According to the Central Statistics Office (CSO), this compares with an increase of 10.0% in the year to April and an increase of 5.4% in the 12 months to May 2016.
In Dublin, residential property prices increased by 11.2% in the year to May. Dublin house prices increased 11.5%. Whereas apartments increased 8.0% in the same period. The highest house price growth was in South Dublin, at 12.4%. In contrast, the lowest growth was in Fingal, with house prices rising 6.8%.
Residential property prices in the Rest of Ireland (i.e. excluding Dublin) were 12.8% higher in the year to May. House prices in the Rest of Ireland increased 12.2% over the period. The South-East region showed the greatest price growth, with house prices increasing 18.6%. The Mid-East region showed the least price growth, with house prices increasing 8.7%. Apartment prices in the Rest of Ireland increased 20.6% in the same period.
Overall Decline
Overall, the national index is 29.5% lower than its highest level in 2007. Dublin residential property prices are 29.5% lower than their February 2007 peak, while residential property prices in the Rest of Ireland are 34.7% lower than their May 2007 peak.
Recovery
From the trough in early 2013, prices nationally have increased by 54.8%. In the same period, Dublin residential property prices have increased 72.5% whilst residential property prices in the Rest of Ireland are 50.2% higher.
