RESIDENTIAL PROPERTY PRICES RISE BY 12.3% IN THE YEAR TO DECEMBER

In the year to December, residential property prices at national level increased by 12.3%. This compares with an increase of 11.4% in the year to November and an increase of 9.0% in the twelve months to December 2016.

In Dublin, residential property prices increased by 11.6% in the year to December. Dublin house prices increased 10.8%. Apartments in Dublin increased 14.7% in the same period. The highest house price growth was in Dublin City, at 13.2%. In contrast, the lowest growth was in Dun Laoghaire-Rathdown, with house prices rising 9.0%.

Residential property prices in the Rest of Ireland (i.e. excluding Dublin) were 13.3% higher in the year to December. House prices in the Rest of Ireland increased 13.2% over the period. The West region showed the greatest price growth, with house prices increasing 16.4%.  The South-East region showed the least price growth, with house prices increasing 11.0%. Apartment prices in the Rest of Ireland increased 15.0% in the same period.

Overall Decline

Overall, the national index is 22.9% lower than its highest level in 2007. Dublin residential property prices are 24.4% lower than their February 2007 peak, while residential property prices in the Rest of Ireland are 28.4% lower than their May 2007 peak.

Recovery

From the trough in early 2013, prices nationally have increased by 72.1%. Dublin residential property prices have increased 87.3% from their February 2012 low, whilst residential property prices in the Rest of Ireland are 64.8% higher than the trough, which was in May 2013.

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