RESIDENTIAL PROPERTY PRICES RISE BY 12.5% IN THE YEAR TO JANUARY

In the year to January, residential property prices at national level increased by 12.5%. This compares with an increase of 12.2% in the year to December and an increase of 8.8% in the twelve months to January 2017.

In Dublin, residential property prices increased by 12.1% in the year to December. Dublin house prices increased 11.4%. Apartments in Dublin increased 15.0% in the same period. The highest house price growth was in Fingal, at 14.2%. In contrast, the lowest growth was in Dun Laoghaire-Rathdown, where house prices increased 9.0%.

Residential property prices in the Rest of Ireland (i.e. excluding Dublin) were 13.0% higher in the year to January. House prices in the Rest of Ireland increased 13.5% over the period. The West region showed the greatest price growth, with house prices increasing 17.2%.  The South-East region showed the least price growth, with house prices increasing 9.9%. Apartment prices in the Rest of Ireland increased 9.9% in the same period.

Overall Decline

Overall, the national index is 22.3% lower than its highest level in 2007. Dublin residential property prices are 23.6% lower than their February 2007 peak, while residential property prices in the Rest of Ireland are 28.0% lower than their May 2007 peak.

Recovery

From the trough in early 2013, prices nationally have increased by 73.4%. Dublin residential property prices have increased 89.2% from their February 2012 low, whilst residential property prices in the Rest of Ireland are 65.7% higher than the trough, which was in May 2013.