Construction BUSINESS

In the year to September, residential property prices at national level increased by 12.8%, according to the last CSO figures. This compares with an increase of 11.8% in the year to August and an increase of 8.0% in the twelve months to September 2016.

In Dublin, residential property prices increased by 12.2% in the year to September. Dublin house prices increased 12.4%. Apartments in Dublin increased 11.4% in the same period. The highest house price growth was in Dublin City, at 13.9%. In contrast, the lowest growth was in Dun Laoghaire-Rathdown, with house prices rising 9.9%.

Residential property prices in the Rest of Ireland (i.e. excluding Dublin) were 13.2% higher in the year to September. House prices in the Rest of Ireland increased 12.8% over the period. The West region showed the greatest price growth, with house prices increasing 16.5%.  The Mid-West region showed the least price growth, with house prices increasing 9.8%. Apartment prices in the Rest of Ireland increased 15.5% in the same period.

Overall Decline

Overall, the national index is 23.7% lower than its highest level in 2007. Dublin residential property prices are 24.5% lower than their February 2007 peak, while residential property prices in the Rest of Ireland are 29.9% lower than their May 2007 peak.

Recovery

From the trough in early 2013, prices nationally have increased by 70.2%. In the same period, Dublin residential property prices have increased 87.0% whilst residential property prices in the Rest of Ireland are 61.4% higher.