Residential property prices up 12.3 per cent last year

Irish residential property prices increased by 12.3 per cent in the year to December 2017, the Central Statistics Office (CSO) has revealed.

Prices went up in Dublin by 11.6 per cent, and in the rest of Ireland by 13.3 per cent, according to the CSO’s Residential Property Price Index for December 2017.

In Dublin, house prices increased by 10.8 per cent while apartments increased by 14.7 per cent. The highest growth was in Dublin City at 13.2 per cent, and the lowest in Dun Laoghaire-Rathdown at 9 per cent.

Elsewhere, house prices increased by 16.4 per cent and apartments increased by 15 per cent. The greatest growth was in the West with 16.4 per cent, and the lowest in the South-East at 11 per cent.

Overall, the national index is still 22.9 per cent lower than its highest level in 2007: Dublin residential property prices are 24.4 per cent lower than their February 2007 peak, while residential property prices in the rest of Ireland are 28.4 per cent lower than their May 2007 peak.

However, residential property prices have increased by 72.1 per cent from the trough in early 2013. Dublin residential property prices are up 87.3 per cent from their February 2012 low, while prices in the rest of Ireland are 64.8 per cent higher than the trough in May 2013.