Property prices up 13.4% in Ireland outside of Dublin, latest index shows
Property prices in Ireland outside of Dublin increased by 13.4% in the 12 months to April 2017 while in the capital city they are up by 8.2%, the latest official data shows.
Overall the figures from the Central Statistical Office (CSO) show that prices at a national level were up by 10.5% over the same period, up from the increase of 9.6% in the year to March and an increase of 5.8% in the 12 months to April 2016.
In Dublin house prices increased 8.1% and apartment prices were up 8.6%. The highest house price growth was in Dublin City, at 11.1% and the lowest growth was in Fingal, with house prices rising just 2.3%.
In the rest of Ireland the strongest growth was in the West with prices up 17.8%. The Midland region showed the lowest price growth with a rise of 9.3%. Apartment prices in the increased 16.3% in the same period.
While strong growth is continuing, overall the national index is 30.7% down from its peak in 2007. Dublin prices are 31.3% lower than their February 2007 peak, while in the rest of Ireland they are 35.3% lower than their May 2007 peak.
From the trough in early 2013, prices nationally have increased by 52.1%. In the same period, Dublin property prices have increased 68.1% whilst property prices in the rest of Ireland are 48.9% higher.
While prices continue upward, sales are down. In April the number of purchases filed with the Revenue Commissioners was down 7.8% compared to April 2016 and down 17.8% compared to March 2017. The total value of the market based on transactions filed in March was €605 million.
The index also shows that in the 12 months to April, the average market price paid was €247,771 but it was much higher in Dublin at €400,305. Of the four administrative areas of Dublin, Dún Laoghaire-Rathdown was the most expensive with an average price of €563,011 and South Dublin was the least expensive, with an average price of €317,655.
After Dublin, the next most expensive region was the Mid-East, where the average price paid was €247,358 and County Wicklow was most expensive with an average price of €315,013, making it the second most expensive county after County Dublin.
The least expensive area was the Border region with an average price of €116,842. However, the least expensive county was County Longford in the Midland region with an average price of €88,837.
In the 12 months to April, the median price paid was €195,000 but this was considerably higher in Dublin at €320,000 with Dún Laoghaire-Rathdown recording the highest median price at €473,000, while Fingal had the lowest median price at €279,000.
Outside Dublin the highest median prices were in Wicklow at €275,000 and Kildare at €245,000 while the lowest median prices were in Longford at €73,000 and Roscommon at €80,000.