Jack Quann
Jack Quann

13.54 15 May 2019


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New figures have shown residential property prices increased by 3.9% nationally in the year to March.

The Central Statistics Office (CSO) said this compares with an increase of 4.3% in the year to February - and an increase of 12.6% in the 12 months to March 2018.

In Dublin, residential property prices were up by 1.2% in the year to March, with house prices rising by 0.7% and apartments by 2.5%.

The highest house price growth in Dublin was in south Dublin at 3.4%, while the lowest growth was in Dun Laoghaire-Rathdown at 0.4%.

Residential property prices in Ireland, excluding Dublin, were 6.8% higher in the year to March.

Overall house prices were up by 6.7% and apartments by 8.6%.

The region outside of Dublin that saw the largest rise in property prices was the Mid-West at 11.9% - while the smallest rise was recorded in the Mid-East at 1.6%.

House prices Source: CSO

Overall, the national index is 18.6% lower than its highest level in 2007.

Dublin prices are 22.3% lower than their February 2007 peak, while residential property prices in the rest of Ireland are 22.3% lower than their May 2007 peak.

Analysis

Analyst Goodbody has claimed house price growth is at a six-year low.

It said price inflation remained subdued, particularly in Dublin.

It said: "Despite ending a run of four consecutive monthly declines, the annual rate of price inflation continued to ease in the Irish residential market in March.

"Prices rose by 0.2% mom [month-on-month] and were up 3.9% yoy [year-on-year]. This represents the lowest rate of inflation since the price recovery began in 2013", it said.

"Price inflation is decelerating across the country, but price growth outside Dublin (+6.8% yoy) continues to outstrip that seen in Dublin (1.2% yoy)."

While it added that growth in transactions was being driven by the non-household sector.

In the first quarter of the year, transactions grew by 4.5% year-on-year, with new home transactions up by 20% and existing homes up by just 1%.

The non-household sector accounted for 35% of new home transactions, up from 15% in 2018, and represented the biggest single buyer segment.


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CSO Central Statistics Office Dublin Goodbody House Prices Mid-East Mid-West Property Prices Property Prices Increase Rate Of Inflation

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