Residential Property Prices rise by 10.7% in the year to February

In the year to February, residential property prices at national level increased by 10.7%. This compares with an increase of 8.1% in the year to January and an increase of 5.4% in the twelve months to February 2016.

In Dublin, residential property prices increased by 8.3% in the year to February. Dublin house prices increased 8.1%. Whereas apartments increased 9.1% in the same period. The highest house price growth was in Dublin City, at 9.2%. In contrast, the lowest growth was in Fingal, with house prices rising just 3.7%.

Residential property prices in the Rest of Ireland (i.e. excluding Dublin) were 13.2% higher in the year to February. House prices in the Rest of Ireland increased 13.1% over the period. The West region showed the greatest price growth, with house prices increasing 19.8%.  In contrast, the Mid-East region showed the least price growth, with house prices increasing 9.3%. Apartment prices in the Rest of Ireland increased 13.9% in the same period.

Overall Decline

Overall, the national index is 30.7% lower than its highest level in 2007. Dublin residential property prices are 31.3% lower than their February 2007 peak, while residential property prices in the Rest of Ireland are 35.7% lower than their May 2007 peak.

Recovery

From the trough in early 2013, prices nationally have increased by 52.1%. In the same period, Dublin residential property prices have increased 67.9% whilst residential property prices in the Rest of Ireland are 47.9% higher.