Thursday 19 October 2017

House prices soar 83pc in the capital

Stock photo: PA
Stock photo: PA
Independent.ie Newsdesk

Independent.ie Newsdesk

Property prices in Dublin have almost doubled since the market hit a low.

New figures show prices in the capital and surrounding areas have shot up by 83.5pc since they crashed in February 2012.

This has seen the average-priced property jump by €177,000 to more than €400,000 now, according to data from the Central Statistics Office (CSO).

Prices nationally are now up 67.5pc from the low reached in early 2013. This means the average price is up €133,000 to €254,000.

Prices rose by 12.2pc in the year to August.

Dublin prices were up 11.9pc over the same period, according to the CSO.

In the rest of the country, price rises were even stronger, at 12.6pc. The west region showed the greatest price growth, with house prices increasing 15.4pc.

Conall MacCoille, an economist with Davy Stockbrokers, said property price growth was being driven by people borrowing more.

Buyers are now taking out mortgages that are 3.1 times their salary, up from 2.9 times at the start of 2016, with the average mortgage almost 10pc larger than last year.

Irish Independent

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