In the month of August, Irish residential property prices rose by 2.3% nationwide. Residential property prices remained up 9.5% on an annual basis. This is according to the latest house price statistics released today by the Central Statistics Office.
In Dublin, residential property prices rose by 2.8% in August. Dublin residential property prices were 8.2% higher than in August 2014. Some experts attribute it apparent slightly lower rate of recovery to the fact that a far higher percentage of Dublin area properties are disproportionally impacted by the latest mortgage lending restrictions introduced at the start of the year.
Dublin house prices rose by 3.0% in August whilst Dublin apartment prices increased by 0.3%. 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.
Outside of Dublin residential property prices rose by 1.9% in August. Prices were up 10.8% compared with August 2014.
At national level residential property prices were 35.4% lower than their peak level in 2007. Dublin house prices were 34.4% lower than their peak, Dublin apartment prices were 40.4% lower than their peak and Dublin residential property prices overall were 36.2% lower than their highest level. Outside of Dublin residential property prices were 38.7% lower than their highest level in 2007.