This compares with an increase of 7.8% in March and a decrease of 1.2% recorded in the 12 months to April 2013 but the positive figures come at a time when there are warnings that a shortfall in housing in Dublin could create unnecessary pressure on prices.
On a monthly basis residential property prices rose by 1.4% compared with March and this compares with a decrease of 0.7% recorded in March and an increase of 0.8% recorded in April of last year.
In Dublin residential property prices grew by 3.1% in April and were 17.7% higher than a year ago. Dublin house prices rose by 3.1% in the month and were 17.8% higher compared to a year earlier while apartment prices were 17.5% higher when compared with the same month of 2013.
However a spokesman for the Central Statistical Office said that it should be noted that the sub-indices for apartments are based on low volumes of observed transactions and consequently suffer from greater volatility than other series.
The price of residential properties in the rest of Ireland fell by 0.3% in April compared with an increase of 1.2% in April of last year. Prices were 1.3% higher than in April 2013.
Residential property prices in Dublin are 48.5% lower than their highest level in early 2007. House prices in Dublin are 46.7% lower while apartment prices in Dublin are 54.2% lower than their peak in February 2007.
In the Rest of Ireland residential property prices are 47.4% lower than their highest level in September 2007. Overall, the national index is 46.3% lower than its highest level in 2007.
However, the Economic and Social Research Institute is warning that a shortfall in housing in Dublin could push up prices and the Construction Industry Federation (CIF) said the housing market in Dublin would be susceptible to large house price jumps until the supply issue is resolved.
‘These latest statistics should come as no surprise to anyone who has been following the property market. A shortage of supply means the level of demand is not being catered for and this is leading to an increase in prices in Dublin and certain other urban areas,’ said its director general Tom Parlon.
