Home prices hike of over 6pc – CSO
PROPERTY prices surged again last month due to a shortage of family homes.
Figures out this morning show that prices rose by 6pc in the year to October across the country.
The Central Statistics Office also said there was a 15pc surge in the selling prices for houses and apartments in Dublin.
This is the highest rise in Dublin since 2006.
Property prices rose by 1.5pc outside Dublin in October, but were down when compared with selling prices achieved a year ago.
Prices nationally have now risen for five months in a row, driving by strong demand in the capital.
Property Industry Ireland, which represents estate agents, developers and planners, said the increase in prices in October doest not “point to the emergence of a bubble”.
It insisted that the surge in prices was due to a shortage of homes for sale.
Property Industry Ireland director Dr Peter Stafford: "The further 2.3pc house-price increase seen in Dublin in October do not point to a bubble, nor do they point to the emergence of a bubble, but they do show what happens when there is a shortage of property, especially in Dublin.”
But he added that there was a very clear two-tier market, with prices rising strongly in the capital and continuing to fall outside it.