Wednesday 21 March 2018

Property prices up by almost 9pc with the largest spikes outside of Dublin

The average property price nationally is just shy of €240,000

Stock photo
Stock photo
Charlie Weston

Charlie Weston

Property prices rose sharply in November, as the rate of increase has begun to pick up pace.

New figures from the Central Statistics Office show that the rises were strongest outside Dublin.

Prices across the country were up 8.6pc in the year to November.

The rate of increase has picked up compared with the same month in 2015, and compared with the previous month.

In the capital, residential property prices increased by 5.9pc in the year to November.

But residential property prices in the rest of the country, when Dublin is excluded, were 12.8pc higher in the year to November, the CSO said.

The west region showed the greatest price growth, with house prices shooting up by 16.7pc.

The mid-east region showed the least price growth, with house prices increasing 8.3pc.

Separate figures show that 21pc of residential units under construction are in Dublin.

The average property price nationally is just shy of €240,000, according to An Post’s GeoDirectory database.

Some 34,400 residential property transactions occurred over the first 10 months of last year.

Dublin had the highest transactions value at close to €400,000, with Longford have the lowest average price at €85,400.

Close to 10,000 commencements of residential properties were notified across the State between January and October last year.

Half of these were in the counties of Dublin, Cork, Meath and Galway.

Over all of last year just under 12,000 dwellings were added to the GeoDirectory database.

This is well short of the 26,000 to 30,000 new dwellings a year the Economic and Social Research Institute says are needed.

Close to one in 10 existing homes are detached dwelling, most of which are bungalows.

There are almost 762,800 detached homes, with this category of home making up the largest proportion of the housing stock

A total of 2.02m properties are captured by the database, which was set up by An Post and Ordnance Survey Ireland, with access sold to companies that want to target households.

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