Property prices continue upward trend

Residential prices in Dublin grew by 11.2% in the year to May

Property prices continue upward trend

Apartment for sale signs in Kildare | File photo | Image: RollingNews.ie

New figures from the Central Statistics Office (CSO) show property prices are on the rise.

In the year to May, residential property prices nationally increased by 11.9%.

This compares with an increase of 10% in the year to April - and an increase of 5.4% in the 12 months to May 2016.

In Dublin, residential prices grew by 11.2% in the year to May.

Dublin house prices increased 11.5%. while apartments increased 8% in the same period.

The residential property price index | Source: CSO

The highest house price growth was in South Dublin, at 12.4%, the lowest was in Fingal with house prices there rising 6.8%.

Residential property prices in the rest of country, excluding Dublin, were 12.8% higher in the year to May.

The south-east region showed the greatest price growth, with house prices increasing 18.6%.

The mid-east region grew the least price growth, with house prices increasing by 8.7%.

Apartment prices in the rest of Ireland increased 20.6% in the same period.

Overall, national prices were 29.5% lower than their highest level in 2007. Dublin property prices are 29.5% lower than their February 2007 peak.

A similar report last month from property website Daft.ie showed the national average list price during the second quarter was €240,000 - 11.7% higher than a year previously and over €75,000 higher than its lowest point.