Construction BUSINESS

In the year to May, residential property prices at national level increased by 12.4%, according to the CSO. This compares with an increase of 13.5% in the year to April and an increase of 10.9% in the twelve months to May 2017.

In Dublin, residential property prices increased by 10.7% in the year to May. Dublin house prices increased 10.3%. Apartments in Dublin increased 13.5% in the same period. The highest house price growth was in Dublin City, at 14.6%. In contrast, the lowest growth was in South Dublin, where house prices increased 6.6%.

Residential property prices in the Rest of Ireland (i.e. excluding Dublin) were 14.1% higher in the year to May. House prices in the Rest of Ireland increased 13.7% over the period. The Mid-West region showed the greatest price growth, with house prices increasing 22.1%. The Border region showed the least price growth, with house prices increasing 3.7%. Apartment prices in the Rest of Ireland increased 15.5% in the same period.

Overall Decline

Overall, the national index is 20.4% lower than its highest level in 2007. Dublin residential property prices are 22.5% lower than their February 2007 peak, while residential property prices in the Rest of Ireland are 25.5% lower than their May 2007 peak.

Recovery

From the trough in early 2013, prices nationally have increased by 77.7%. Dublin residential property prices have increased 91.9% from their February 2012 low, whilst residential property prices in the Rest of Ireland are 71.4% higher than the trough, which was in May 2013.