Ireland property prices continue to grow

Property price growth in Ireland remains among the highest in Europe, new figures show.

According to the latest data published by the Central Statistics Office (CSO) residential property prices in Ireland increased by 12 per cent in the 12 months to June 2018. However, whereas capital city Dublin was initially fuelling the housing boom, this is no longer the case.

The latest figures show that property prices in Dublin increased by 9 per cent year on year. House values in the capital were up by 8.4 per cent and apartments prices up 12.8 per cent.

Prices in the rest of Ireland, meanwhile, were 15.2 per cent higher in June 2018 than they were in June 2017. Increases in apartment prices was the main driver of this growth, up by 20.3 per cent, while house price growth grew by 14.6 per cent in the same period.

The strongest price growth in the country was 22.3 per cent, recorded in the Mid-West region.

However, while the rising property prices in Ireland show that the country’s property market is finally overcoming the slump that had plagued it in the wake of the late-noughties global financial crisis, prices are still well down on their 2007 peaks.

Despite the fact property prices have rebounded by 74.4 per cent since May 2013 – when the market was at its weakest – current prices across the country are still 19.5 per cent below what they were in May 2007.

In the 12 months to June, the median price paid for a property in Ireland was €237,000.

Article published 4th September 2018