PROPERTY MARKET IN IRELAND IN RECOVERY MODE

Property prices in Ireland showed no sign of the traditional winter slowdown, recording a rise of 11.6% in the 12 months to the end of November 2017, official figures show.

The data from the Central Statistics Office also shows that this was much higher than the 9.2% recorded in the 12 months to November 2016. Prices were up 1.1% month on month with one analyst calling the growth ‘sharp’.

A breakdown of the figures show that prices increased by 11.3% in Dublin with apartments up 11.8%. The highest growth was 13.3% in Dublin City and the lowest was 10.8% in Dun Laoghaire-Rathdown.

In the rest of Ireland prices were 11.7% higher in the year to November. House prices were up 11.6% and apartment prices up 13.2%. The West region recorded the biggest growth with house prices up 16% and the lowest was a rise of 8.9% in the Mid-West.

Overall, the national index is 23.1% lower than its highest level in 2007. Dublin prices are 24.1% lower than their February 2007 peak, while prices in the rest of Ireland are 29.2% lower than their May 2007 peak.

It means that from the trough in early 2013, prices nationally have increased by 71.6%. Dublin prices have increased 88.1% from their February 2012 low, whilst prices in the rest of Ireland are 62.8% higher than the trough which was in May 2013.

The figures also shows that in the 12 months to November, the median price paid was €224,000. The Dublin region had the highest median price at €345,000 and the highest overall price was Dún Laoghaire-Rathdown at €520,000 with the lowest €310,274 in Fingal.

Outside of Dublin the highest median prices were in Wicklow at €300,000 and Kildare at €270,000 while the lowest were in Longford at €84,500 and Roscommon at €87,500.

House price growth is however predicted to move to a slower pace this year as the Central Bank’s lending rules restrict the drawdown of mortgages.