Residential Property Prices rise by 6.6% in the year to December.

In the year to December, residential property prices at a national level, increased by 6.6%. This compares with an increase of 6.5% in November and an increase of 16.3% recorded in the twelve months to December 2014.

Residential property prices increased by 0.5% in the month of December. This compares with a decrease of 0.5% recorded in November and an increase of 0.4% recorded in December of last year.

In Dublin residential property prices decreased by 0.5% in December and were 2.6% higher than a year ago. Dublin house prices decreased by 0.5% in the month and were 2.1% higher compared to a year earlier. Dublin apartment prices were 7.8% higher when compared with the same month of 2014. However, it should be noted that the sub-indices for apartments are based on low volumes of observed transactions and consequently suffer from greater volatility than other series.

The price of residential properties in the Rest of Ireland (i.e. excluding Dublin) rose by 1.2% in December compared with a rise of 0.7% in December of last year. Prices were 10.2% higher than in December 2014.

Overall Decline

House prices in Dublin are 34.2% lower than at their highest level in early 2007. Apartments in Dublin are 40.6% lower than they were in February 2007. Residential property prices in Dublin are 36.1% lower than at their highest level in February 2007. The price of residential properties in the Rest of Ireland is 35.4% lower than their highest level in September 2007. Overall, the national index is 33.5% lower than its highest level in 2007.

Source CSO.IE 27/01/2016