Property prices continue a relentless rise across Ireland

Residential property prices in Ireland increased by 11.9% in the year to May 2017, led by house price growth outside of the capital city Dublin, the latest official statistics show.

This compares with an increase of 10% in the year to April and an increase of 5.4% in the 12 months to May 2016, according to the figures from the Central Statistical Office (CSO).

In Dublin prices increased by 11.2% year on year with house prices up by 11.5% and apartment prices up by 8%. The highest house price growth was in South Dublin at 12.4% while the lowest was in Fingal at 6.8%.

In the rest of Ireland property prices increased by 12.8% year on year with house values up 12.2% and apartment prices up 20.6%. The biggest growth was 18.6% in the South East and the lowest 8.7% in the Mid East.

Overall, the national index is 29.5% lower than its highest level in 2007. Dublin prices are 29.5% lower than their February 2007 peak and in the rest of Ireland they are 34.7% lower than their May 2007 peak.

From the trough in early 2013, prices nationally have increased by 54.8%. In the same period, Dublin prices have increased 72.5% whilst in the Rest of Ireland they are 50.2% higher.

The data also shows that in the 12 months to May, the average market price paid was €249,358 while in Dublin it was €401,600. Dún Laoghaire-Rathdown was the most expensive location in Dublin with an average price of €564,034 and South Dublin the least expensive, with an average price of €318,833.

After Dublin, the next most expensive region was the Mid-East where the average price paid was €249,966 and within this region County Wicklow was most expensive with an average price of €317,585, making it the second most expensive county after Dublin.

The least expensive area was the Border region with an average price of €118,427. However, the least expensive county was County Longford in the Midland region, with an average price of €90,502.