Saturday 21 April 2018

Irish house prices growing at 15 times average EU rate

Estate agent signs in Dublin
Estate agent signs in Dublin
Paul Melia

Paul Melia

IRISH house prices are growing at 15 times the rate experienced across the EU.

New data shows that prices rose 16.3pc year-on-year, compared with an EU average of just 1.1pc.

Figures from Eurostat show the continued upward march on prices as new mortgage lending rules and a lack of property coming onto the market fuels increases.

Among the member states for which data are available, the highest annual increase in house prices to the fourth quarter of 2014 was recorded in Ireland, where prices rose 16.3pc.

It is followed by Malta (11pc), Sweden (10.4pc), Estonia (10.1pc) and the UK, which is up 10pc.

The sharpest falls were in Slovenia, where prices fell 4.4pc, Cyprus (3.3pc), Latvia (3.2pc) and Italy (2.9pc).

And despite some slowdown in recent months as new lending rules from the Central Bank take hold, prices continued to rise in the last three months of 2014 compared with the period between June and September.

Eurostat says the highest quarterly increases were recorded in Malta (up 4.6pc) followed by Ireland, where prices rose 3.8pc.

Recent data from property website shows that spiralling prices have continued into 2015, but that prices nationally are now rising faster than in the capital.

House prices rose 4.6pc in the first quarter of this year, but growth in Dublin prices was lower than the rest of the State.

The average asking price nationally is now €201,000, according to Daft.

Online Editors

Business Newsletter

Read the leading stories from the world of Business.

Also in Business