Dublin lead rise in property prices
House prices are up 15% over the last year, one of the country's leading estate agents has said.
DNG has said that it recorded growth in asking prices every quarter since June last year and estimates that almost two thirds of buyers in the first three months of this year were paying cash.
The agency said it has seen the price of second hand homes in Dublin increase by 37,500 euro over the last year.
The south of the city has seen the biggest recovery in prices, according to DNG, with an annual increase of 16.2%, but the northside properties on the agency's books are also up 16%.
"This reflects the fact that the most expensive priced property is located on the south side of city and which rose in value the most in the boom consequently fell the quickest in the crash," DNG said.
Keith Lowe, DNG chief executive, said that while this year will be seen as a turning point for house prices, Ireland now has a two-tier property market between greater Dublin and the rest of the country.
"It should be pointed out that the price rises are rising from a very low base as they fell so rapidly in the capital," he said.
"House prices in a number of the most sought after north and south side suburbs have seen stronger gains.
DNG puts the house price rise in Dublin at more than 1% a month.