Overall, the national index is 18.8% lower than its highest level in 2007.
A new report issued by the Central Statistics Office (CSO) has revealed that housing prices nationally have increased by 81.3% since the market’s lowest point in 2013.
This figure is made up of an increase of 93.8% as witnessed in Dublin residential property prices since their February 2012 low, as well as homes in the rest of Ireland which experienced a 76.9% boost since May 2013.
The report, which outlines a steady and steep increase in house prices across the country, also showcases that both prices in Dublin and the rest of country are back at 2005 levels.
According to the statistics, property prices are now inching closer to prices one could have expected during the boom, but are not quite at that level just yet.
Nationally, the current peak is 18.8% lower than its highest level in 2007.
In Dublin, property prices are 21.8% lower than their February 2007 peak.
Across the rest of the state, prices are 23.1% lower than they were in May 2007, the year’s peak.
The report also broke down the rise in property prices since the beginning of 2018.
From January to July, residential property prices at a national level increased by 10.4%.
This compares with an increase of 11.9% in the year to June and an increase of 11.6% in the twelve months to July 2017.
In Dublin, residential property prices increased by 7.2% in the year to July.
Dublin house prices increased by 6.5%. Apartments in Dublin increased by 11.0% in the same period.
The highest house price growth was in Dún Laoghaire-Rathdown, at 9.8%. In contrast, the lowest growth was in south Dublin, where house prices increased 5.2%
The median price for Dublin was €360,000 in 2018 to the month of July, while Dún Laoghaire-Rathdown had the highest median price at €527,000, compared with €320,000 for both Fingal and south Dublin.
Outside of Dublin, residential property prices rose 13.7% higher since the start of 2018. The Mid-West region, including Limerick, showed the greatest growth, with prices up by 23.7%.
The Border Region – the counties of Cavan, Donegal, Leitrim, Monaghan and Sligo – showed the least price growth, with house prices increasing by 6%. Apartment prices in the Rest of Ireland increased 18.7% in the same period.
“The Residential Property Price Index (RPPI) increased by 1% in July, but the annual inflation rate fell to 10.4% — its slowest pace since April 2017,” says Conall MacCoille, Chief Economist with Davy Stockbrokers.
“In Dublin, prices rose by a solid 0.7% on the month with annual inflation now 7.2%. This should help allay fears of a deeper slowdown in the capital. We still think we are on track for RPPI inflation to hit our end-year 8% forecast and circa 5-6% in Dublin.”
LISTEN: You Must Be Jokin’ with Aideen McQueen – Faith healers, Coolock craic and Gigging as Gaeilge
