Property price growth continues in Ireland, led by rise in apartment values
Property prices in Ireland increased by 13% in the 12 months to April 2018 and values are predicted to continue rising this year and into 2019.
This follows on from annual growth of 12.6% in March and 12.5% in February and well above the 9.5% recorded in April 2017, according to the official figures from the Central Statistics Office.
Apartments in Dublin are leading the city’s price growth with an annual rise of 15.9% while house prices in the city increased by 11.7% and overall values were up by 12.5%. The highest house price growth was in Dublin City at 14.9% and the lowest in South Dublin at 6.9%.
Residential property prices in the rest of Ireland increased by 13.6% in the year to April with houses up 12.9% and apartments up 17.8%. The Mid West had the strongest growth with prices up 18.7% and the lowest was 9.3% in the Border region.
However, overall, the national index is 21.1% lower than its highest level in 2007. Dublin property prices are 23.3% lower than their February 2007 peak, while in the rest of Ireland they are 26.1% lower than their May 2007 peak.
From the trough in early 2013, prices nationally have increased by 76%. Dublin prices have increased 90.1% from their February 2012 low, whilst in the rest of Ireland prices are 69.9% higher than the trough of May 2013.
In the 12 months to April, the median price paid was €233,000. The highest median price is in Dublin €356,000. Of the four administrative areas of Dublin, Dún Laoghaire-Rathdown had the highest median price at €528,000 and Fingal the lowest at €315,000.
Outside Dublin, the highest median prices were in Wicklow at €310,946 and Kildare at €276,000 while the lowest median prices were in Longford at €91,750 and Roscommon at €92,000.
Economists are predicting price growth rising on an annual basis for the foreseeable future.
Alan McQuaid of Merrion Stockbrokers said the annual rate of increase is now looking like it is set to remain in double digits for well into 2018 at least.