Ireland’s Central Statistical Office reports that property prices in the country have increased an average of 5.6% over last November’s prices, although they remain far off peak levels. Improvement in Dublin is driving the recovery numbers, however, as the rest of the country remains exposed to a high amount of volatility in pricing. Even so, prices in the capital city remain nearly 50% lower than what they were prior to the global financial crisis that started gaining steam in 2007. For more on this continue reading the following article from Property Wire.
Nationally in Ireland residential property prices increased by 5.6% in the 12 months to November, signalling an improvement in the housing market but prices are still some way below their peak.
The latest data from the Central Statistical Office also shows that the growth year on year has slowed slightly. October saw an increase of 6.1%. But it is still substantial compared to the decrease of 5.7% recorded in November 2012.
On a monthly basis property prices grew by 0.6 % in November, less than the 1.8% recorded in October and the increase of 1.1% recorded in November of last year.
Dublin is leading the way in the national price recovery. Residential property prices in the city grew by 1.3% in November and were 13.8 % higher than a year ago. Dublin house prices grew by 1.4% in the month and were 13.1% higher compared to a year earlier while apartment prices were 20.7 % higher when compared with the same month of 2012.
However, a Central Statistical Office spokesman said 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.
In the rest of Ireland residential property prices were unchanged in the month of November. This compares with an increase of 0.3% in November last year. Prices were 0.6% lower than in November 2012.
House prices in Dublin are now 47.5% lower than at their highest level in early 2007. Apartments in Dublin are 56.1% lower than they were in February 2007. Residential property prices in Dublin are 49.2% lower than at their highest level in February 2007.
The fall in the price of residential properties in the rest of Ireland is somewhat lower at 46.9%. Overall, the national index is 46.5% lower than its highest level in 2007.
This article was republished with permission from Property Wire.