Property recovery spreading nationwide at last
THE recovery in property prices has now spread nationwide, with house and apartment prices rising last month at the fastest pace since the crash.
Central Statistics Office figures published last week reveal that prices jumped by 8.1 per cent between February 2013 and last month. It means prices rose nationally for the ninth consecutive month.
Last month prices fell marginally in Dublin, blamed on seasonal factors, but increases countrywide compensated for the fall in the capital.
Outside Dublin, prices rose by 4.2 per cent last month compared with February last year. The Central Statistics Office figures showed that, in Dublin, prices fell by 0.6 per cent in February but were still 13.3 per cent higher when compared with the same month last year.
There is still evidence of a shortage of three and four bedroom family homes on the market in Dublin, which is driving a mini bubble in certain parts of the city.
The rising prices gives the potential for many existing homeowners to escape the negative equity stranglehold.
But the Central Statistics Office also put the encouraging figures in perspective. House prices in Dublin are still 48.5 per cent lower than at their highest level in early 2007 while apartments in the capital remain 54.5 per cent lower than they were at the peak in February 2007.
"Residential property prices in Dublin are 50 per cent lower than in February 2007. The fall in residential property prices in the rest of Ireland is somewhat lower, at 46.4 per cent," the CSO said.
Nationally property prices are 46.7 per cent lower than the peak of 2007.