Property prices in Ireland continue to rise despite Brexit uncertainty

Property prices in Ireland increased at a national level by 8.2% in the year to September 2018, down slightly from 8.9% in the year to August, the latest official figures show.

In Dublin prices increased by 5.8% year on year with houses up 5.5% and apartment prices up by 7.8%, according to the data published by the Central Statistics Office (CSO).

The data also shows that the highest house price growth in Dublin was in Dún Laoghaire-Rathdown at 8.3%. In contrast, the lowest growth was in South Dublin, where house prices increased by 4.2%.

Residential property prices in the rest of Ireland increased by 10.8% in the year to September with houses up by 10.2% and apartment prices up by 16.7% over the same period.

The Mid-West region recorded the biggest price growth, with house prices increasing by 21%. The Border region showed the least price growth, with house prices increasing by 5.8%.

Overall, the national index is 18.1% lower than its highest level in 2007. Dublin prices are 20.8% lower than their February 2007 peak, while prices in the rest of Ireland are 22.7% lower than their May 2007 peak.

From the trough in early 2013, prices nationally have increased by 82.8%. Dublin prices have increased by 96.1% from their February 2012 low, whilst prices in the rest of Ireland are 77.8% higher than the trough, which was in May 2013.

In the 12 months to September, the median price was €242,000. The highest price was €364,998 in Dublin while within Dublin the highest price was €360,000 in Dún Laoghaire-Rathdown. The lowest median price was in South Dublin at €324,999.

Outside Dublin, the region with the highest median price was the Mid-East at €267,499, with the highest in Wicklow at €312,000, Kildare at €290,000 and Meath at €263,000.

The Border was the region with the lowest median price at €120,000 while Leitrim and Longford were the counties with the lowest median price at €95,000.

Conall MacCoille, economist at Davy Stockbrokers, pointed out that property prices were continuing to rise despite the uncertainties posed by Brexit.