Property prices in Ireland up over 8% in 2016

Residential property prices in Ireland increased by 8.1% in the year to December 2016 with the growth led by the housing market outside of Dublin, the latest index figures show.

The annual increase was down slightly from the 8.2% recorded in the 12 months to November but much higher than the 4.6% in the year to December 2015, the data from the Central Statistics Office also shows.

In Dublin prices were up 5.7% year on year with house prices rising 5.8% and apartments up by 7.9%. The highest house price growth was in South Dublin at 9.7% and the lowest growth was in Fingal with house prices rising just 3.2%.

But in the rest of Ireland prices increased by 12% year on year with house prices up 12.1% and apartments up 9.5%. The biggest increase was in the West with growth of 17.8% while the lowest was in the Mid-East with a rise of 7.6%.

Overall, the national index is 32.1% lower than its highest level in 2007. Dublin residential property prices are 32.8% lower than their February 2007 peak, while residential property prices in the rest of Ireland are 36.3% lower than their May 2007 peak.

In the 12 months to December, the average market price paid by households for a dwelling was €240,947 while the highest prices were in Dublin with an average of €392,233.

The most expensive homes in Dublin are in Dún Laoghaire-Rathdown with an average price of €549,697 while the smallest average prices is €311,556 in South Dublin.

In the rest of the country the next most expensive was the Mid-East with an average of €241,940 and within the Mid-East region County Wicklow was most expensive with an average price of €312,621, making it the second most expensive county after Dublin.

The least expensive region for household purchases over the last 12 months was the Border region with an average price of €113,049 and the least expensive was County Longford in the Midland region with an average price of €87,003.

From the trough in the housing market early 2013, prices nationally have increased by 49.1%. In the same period, Dublin residential property prices have increased 64.3% whilst residential property prices in the Rest of Ireland are 46.6% higher.

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