Dublin accelerates but rest of country stuck in reverse
Figures from the CSO last week further confirmed a two-speed housing market, with Dublin prices accelerating at a steady rate, but prices elsewhere in the country still in reverse.
While the latest CSO property price index revealed a 3.6% rise in property prices nationally in the year to September, prices outside of Dublin fell by 2.6%.
The 3.6% rise at national level compares with an increase of 2.8% in August and a decrease of 9.6% recorded in the twelve months to September 2012. Residential property prices grew by 1.8% in the month of September. This compares with an increase of 0.9% recorded in August. Prices grew by 0.9% in September of last year.
In Dublin residential property prices grew by 3.9% in September and were 12.3% higher than a year ago. The price of residential properties in the Rest of Ireland (i.e. excluding Dublin) fell by 0.1% in September compared with an decrease of 0.1% in September last year. Prices were 2.6% lower than in September 2012.
House prices in Dublin are 49% lower than at their highest level in early 2007. Apartments in Dublin are 59% lower than they were in February 2007. Residential property prices in Dublin are 51% lower than at their highest level in February 2007. The fall in the price of residential properties in the Rest of Ireland is somewhat lower at 48%. Overall, the national index is 48% lower than its highest level in 2007.