Property prices in Ireland increased by 7.2% in the year to August 2016, up from the 6.7% recorded the previous month, the latest official data shows.
Figures from the Central Statistics Office also show that in Dublin house prices were up 4.5% year on year while apartment prices were up 6.4% in the same period and the highest house growth was in Dublin City and Fingal, both increasing by 5.9%. In contrast, the lowest growth was in Dun Laoghaire-Rathdown, with house prices rising just 1.5%.
In the rest of Ireland, excluding Dublin, prices increased by 11.4% in the year to August with houses up 11.5% and apartment prices up 99%. The South West region recorded the greatest price growth, up14.8% while the Mid-East region showed the least price growth at 5%.
Overall, the national index is 33.7% lower than its highest level in 2007. Dublin residential property prices are 34.2% lower than their February 2007 peak, while residential property prices in the rest of Ireland are 38.1% lower than their May 2007 peak.
In August, the average market price paid was €257,214 while in the 12 months to August the average market price paid by households was €232,398 which regarded as a more stable measure of average price.
The average price paid in Dublin was €381,128. Of the four administrative areas of Dublin, Dún Laoghaire-Rathdown was the most expensive, with an average price of €538,886 over the 12 month period. Conversely, South Dublin was the least expensive, with an average price of €303,042.
After Dublin, the next most expensive region was the Mid-East, where the average market price paid by households was €236,975. Within the Mid-East, County Wicklow was most expensive, with an average price of €314,234, making it the second most expensive county after County Dublin.
The least expensive region over the last 12 months was the Border region with an average price of €112,621. However, the least expensive county was County Longford in the Midland region, with an average price of €81,414.
The index data also shows that from the trough in early 2013, prices nationally have increased by 45.6%. In the same period, Dublin residential properties have recovered 60.9% of their value whilst residential properties in the rest of Ireland index recovered 42.5% of their value.
Sales in August were up by 2.5% month on month and 5.9% year on year and the total value of sales in August was €842.9 million. Some 6.8% of sales in August were for new homes.
