December property prices rose for seventh month in row
PROPERTY prices rose in December for the seventh month in a row.
Figures out this morning from the Central Statistics Office show that prices were up 6.4pc nationwide in December when compared with the previous 12 months.
In Dublin the surge in values continued with a 16pc rise in the past year.
But prices outside the capital fell in December when compared with the same month a year previously.
The overall the value of properties is now 46.8pc since the market peaked in February 2007, according to the CSO.
Apartment prices in the capital were 21pc higher when compared with the same month of 2012, but these figures are based on low levels of observed transactions.
Estate agents said Dublin prices would continue to rise strongly until more properties were built in the capital.
Graham Murray of Savills Ireland said there was a need for an extra 25,000 new homes to be built each year to meet demand from a growing population. But the inability of builders to get funding for property development and planning permission barriers meant no new homes were being built, he said.