Residential property prices up 6.9%
In the year to May, residential property prices at a national level increased by 6.9%. This compares with an increase of 7.1% in April and an increase of 13.8% recorded in the twelve months to May 2015.
Residential property prices increased by 0.2% in the month of May. This compares with an increase of 0.3% in April and an increase of 0.5% recorded in May of last year.
In Dublin residential property prices increased by 0.1% in May and were 4.8% higher than a year ago. Dublin house prices increased by 0.4% in the month and were 5.7% higher compared to a year earlier. Dublin apartment prices were 1.1% lower when compared with the same month of 2015.
However, it should be noted that the sub-indices for apartments are based on low volumes of observed transactions and consequently suffer from greater volatility than other series.
The price of residential properties in the Rest of Ireland (i.e. excluding Dublin) increased by 0.1% in May compared with an increase of 1.1% in May of last year. Prices were 8.5% higher than in May 2015.
House prices in Dublin are 32.8% lower than at their highest level in early 2007. Apartments in Dublin are 42.5% lower than they were in February 2007. Residential property prices in Dublin are 35.2% lower than at their highest level in February 2007. The price of residential properties in the Rest of Ireland is 35.7% lower than their highest level in September 2007. Overall, the national index is 33.2% lower than its highest level in 2007.
