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DUBLIN house sales, in terms of number and value, are now at an impressive three-year high, according to a new study.

Almost €2.1bn has been spent on property in the capital in the period from January 1 to September 30 this year.

This is a rise from €1.6bn for the same period last year, which means the value of transactions in Dublin is now up 29pc year-on-year.

The investigation was based on an analysis of the Property Price Register and shows that 18 of the 23 postcode areas have achieved a record number of transactions.

This is when comparing the first three quarters of the year with the same nine-month periods in 2012, 2011 and 2010.

The research carried out by property website MyHome.ie also shows that the value of transactions is also at a three-year high.

Managing director of MyHome.ie, Angela Keegan, warned that the increase was coming off a low base.

"The number of transactions in the capital is up 13pc for the first three quarters with all but two areas seeing a rise," she said.

"Those were Dublin 15 and Dublin 18, but the value of transactions actually rose in Dublin 18, which suggests that shortage of stock is the issue there.

"That is an issue we are seeing in many parts of the capital and with just 3,400 homes available for sale in Dublin, the lack of supply is driving prices higher."

Ms Keegan added that the banks and local authorities both have roles in addressing the shortage.