The Central Statistics Office (CSO) reports that Ireland’s residential property prices are up from a year ago ending in June, and is the first increase the country’s beleaguered real estate market has seen since January 2008. The 1.2% annual bump is nominal considering the staggering falls seen in the market, which still measure over 50% lower than pre-crisis value in some areas, and CSO analysts note that differences in property types and volatility in certain markets must be accounted for in the margins. For more on this continue reading the following article from Property Wire.
There is further evidence that the residential property market in Ireland is recovering with the latest data from the Central Statistics office showing that prices increased by 1.2% in the year to June.
This is the first annual increase since January 2008 and it compares with an annual rate of decline of 1.1% in May and a decline of 14.4% recorded in the 12 months to June 2012. Residential property prices grew by 1.2% in the month of June. This compares with an increase of 0.3% recorded in May and is much improved on a year ago when prices fell by 1.1% in the month of June.
In Dublin residential property prices grew by 1.7% in June and were 4.2% higher than a year ago. Dublin house prices grew 1.4% in the month and were 3.6% higher compared to a year earlier. Dublin apartment prices were 9.7% higher when compared with the same month of 2012.
However, a spokesman for the Central Statistics Office said that it should be noted that the sub-indices for apartments are based on low volumes of observed transactions and consequently suffer from greater volatility than other series.
The price of residential properties in the rest of Ireland grew by 0.7% in June compared with a decrease of 1% in June last year. Prices were 1% lower than in June 2012.
It means that house prices in Dublin are 54% lower than at their highest level in early 2007 while apartment prices in Dublin are 58% lower than they were in March 2007.
But the property market still has a lot of recovering to do. Residential property prices in Dublin are 55% lower than at their highest level in March 2007.
The fall in the price of residential properties in the rest of Ireland is somewhat lower at 48%. Overall, the national index is 50% lower than its highest level in 2007.
This article was republished with permission from Property Wire.